AML Module 3: Risk Assessment and Client Due Diligence
Risk Assessment and Client Due Diligence (40 min)
This module provides a comprehensive guide to risk assessment and client due diligence, including risk indicators, the documents that are useful for identifying and verifying all types of clients, and what to look for in source of funds documents.
Putting it into Practice: Extended Scenario (20 min)
In this module, you
will put your anti-money laundering knowledge into practice by guiding fee
earners in a fictional law firm through all aspects of their AML
responsibilities for a range of matters. It covers material from all three AML
modules in this series.
The final module in a series of three, you’ll cover everything you need to conduct a risk assessment and client due diligence, including identifying risk indicators, the documents that are useful for identifying and verifying all types of clients, and what to look for in source of funds documents.
Written by a renowned expert in the field and former Chair of the Law Society’s Money Laundering Task Force, it is underpinned by the Legal Sector Affinity Group Anti-Money Laundering Guidance for the Legal Sector. It is based on examples of good practice from the guidance and is relevant for all fee earners, whatever their area of practice.
After completing this course, you will understand:
- The requirement to carry out client due diligence under the MLR 2017.
- The risk-based approach to client due diligence.
- The factors to consider when conducting your risk assessment.
- The documents that are useful in conducting client due diligence.
- How electronic verification works and how it can help with client due diligence.
- The data protection requirements in the MLR 2017.
- What to look for in source of funds documents.
- The risks of terrorist financing when conducting client due diligence.
- How to put this knowledge into practice.