Anti-Money Laundering: Practical Tips for your Practice

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Anti-Money Laundering: Practical Tips for your Practice


Level: 1 Regulatory CPD hour


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The management of Anti-Money Laundering risk poses significant challenges for solicitors. Falling foul of the legislation can have serious consequences. The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act, 2018 commenced on 28 November 2018 and transposes the EU’s Fourth Money Laundering Directive (4MLD). The legislation marks a move away from “tick the box” check-lists. It has been replaced by a more pronounced risk- based approach which must be placed at the centre of the firm’s compliance efforts.

The Act imposes increased obligations on solicitors in relation to business risk assessments, as well as an obligation to update their approach to customer due diligence (CDD). They are also required to review their policies and procedures to take account of the new framework. In addition, the legislation imposes more onerous obligations on solicitors in relation to the continuous monitoring of clients.

This presentation will examine the practical impact of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act, 2018 on solicitors. The implications of the Fifth Anti-Money Laundering Directive (which took effect on 1 January 2020) will also be considered. It is intended to sharpen your awareness of your obligations under the legislation and to provide you with a step by step guide to compliance.

This webinar will address the following:

  • An overview of the Money Laundering/Terrorist Financing offences and their relevance to the compliance regime. 
  • Business risk assessment 
  • Approach to Customer Due Diligence 
  • Customer verification and identification 
  • Impact of the Beneficial Ownership Regulations
  • Record keeping and 
  • Policies and procedures 
  • Reporting and tipping off 
  • Training 
  • Being prepared for a Law Society Inspection