Fraud & AML - An Update for Conveyancers

Introduction

This webinar will explore the current state of play with regard to the additional key duties imposed on conveyancing teams - whoever they are regulated by - and what the regulators are expecting firms to have in place.

The LSAG guidance note, and its recent addendum will be dealt with in some detail, with its adjustments to the position as set out in the regulations. The SRA’s recent guidance on the sanctions regime and the issue of non-proliferation will also be discussed as it is relevant to all, as will the recent SRA publication of their Thematic Review and warning notices on Client & Matter risk assessments.

The purpose of the webinar is to give you a solid foundation of knowledge in this area and help you understand how the various processes can be used to protect your organisation.

What You Will Learn

This webinar will cover the following:

• Fraud & other financial crimes - terrorism and Accounts Rules concerns
• Specific issues arising from the sanctions regime
• The particular issue of ID fraud
• Why property work remains a key target
• CQS & Conveyancing Protocol amendments
• The key legislation - Proceeds of Crime Act 2002 Part 7
• Analysis of the key requirements of the regulations
• The Legal Sector Affinity Group guidance note & Addendum - its changes and effects on all conveyancers
• Risk assessments - Treasury, regulators and firms
• Firm-wide risk assessments
• Client & Matter Risk Assessments
• Extra steps now required for company clients
• Understanding what is meant by the risk-based approach
• Availability and use of electronic searches
• Simplified & enhanced due diligence - what exactly is required?
• Politically exposed persons - what do I do if I find one?
• Reliance on CDD checks carried out by third parties
• Training & record-keeping requirements
• The key to it all - ongoing monitoring

This webinar was recorded on 5th August 2024

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