ANTI-MONEY LAUNDERING MODEL POLICY

The Money Laundering Regulations 2007 require firms to have an anti-money laundering policy to counter the threats of money laundering and terrorist financing and to keep this regularly updated. The Solicitors' Code of Conduct also requires this as part of a firm's Rule 5 effective management procedures. Evidence suggests that the SRA is becoming more active in its monitoring role in relation to the Regulations, particularly now that they are over two years old and the Law Society's Practice Note has received Treasury approval.

The Anti-Money Laundering Model Policy sets out a full risk assessment which can be produced to the SRA and a full range of supporting forms. The model also covers the related subject of mortgage fraud.

The Anti-Money Laundering Model Policy contains “red notes” which take firms through key top level decisions, for instance whether to have a blanket policy or departmental carve outs, the benefits of electronic verification and whether to receive money into client account before obtaining evidence of identity. The policy can then be adjusted accordingly, following a telephone conference with TCP to ensure that the risked based policy is tailored to the firm's particular needs.  

The Regulations require firms to provide training for staff on money laundering and terrorist financing issues. The Anti-Money Laundering Model Policy is designed to be an aid to staff training as well as a policy. TCP can assist by providing Anti-Money Laundering Training, part of which would include the roll out of the firm's new policy.  Training can also be provided independently of the model policy service.

TCP can also check your own existing policy is compliant as a free standing compliance project or as part of TCP‘s Compliance Audit Service.

The following is a list of the contents and appendices in Anti-Money Laundering Model Policy and below that, details of the CPD Anti-Money Laundering Training that TCP can provide.

The following is a list of the contents and appendices included within the model policy and below that, details of the CPD money laundering training that TCP can provide.

Please contact TCP to make further enquiries about the Anti-Money Laundering Model Policy and Training.

TCP Anti-Money Laundering Model Policy: Contents

1.      Purpose of the policy

2.      Why is the policy necessary?

3.      Sources of advice

4.      Staff obligations

5.      The legislation

6.      Customer due diligence (CDD)

7.      Degrees of risk

8.      Cash policies

9.      Our CDD procedures and documentation

10.   Our procedures for reporting suspicious transactions

11.   Monitoring and risk review

12.   Training

Appendices

A.     The Proceeds of Crime Act (2002) and the Terrorism Act (2000)

B.     Internal Money Laundering Report Form

C.    Beneficial Owners: extracts from the Regulations and Law Society's Practice Note

D.    Guidance on How to Use the Firm's Electronic Verification System

E.     Firm Wide and Case Area Risk Assessment

F.     Money Laundering "ALERTS"

G.     Precedent Customer Due Diligence Forms:

• Client Due Diligence Risk Assessment Form
• Verification Form
  
• Beneficial Ownership Form
• Fee-earners Verification Form

TCP Anti-Money Laundering Training: Contents

Background and definition of money laundering

Proceeds of Crime Act & Terrorism Act

• Offences, defences and disclosures
• Legal professional privilege 

• Main changes effective from 15 December 2007
• How to make your firm compliant

• What is the risk of money laundering in your firm?
• How should you set up your procedures up?

Electronic verification

• A look at what providers are offering and how it might help your firm

Code of Conduct Rule 5

• How the new code requires compliance with the new Regulations

Practical recommendations, workshop and policy roll out

Please contact TCP to make further enquiries about the Anti-Money Laundering Model Policy and Training