Bitesize AML Essentials

This introductory session sets the scene for effective AML compliance by exploring the key elements of the UK’s AML regulatory framework. You'll be introduced to one of the core principles underpinning all AML activity: the Risk-Based Approach.

The session will encourage you to reflect on how your firm assesses risk in practice and offer practical tips for developing or refining your own approach to firm-wide and matter-level risk assessments.

Client identification and verification (ID/V) is a fundamental part of day-to-day AML compliance for legal professionals. This session will walk you through the scope and purpose of ID/V checks, helping you understand when and how to apply them effectively.

You will also be introduced to the concept of beneficial ownership and how you can manage this.

Understanding who owns or controls a client entity is a core part of AML compliance. This session takes a deeper dive into beneficial ownership and guides you through the practical steps required to identify and verify individuals who ultimately benefit from or control a company, trust, or partnership.

You’ll also explore complex structures, share classes, and Persons of Significant Control registers, building your confidence in applying a risk-based approach to ownership checks.

A fundamental element of client due diligence is understanding the nature, background and circumstances of the client, including their financial position. This module will help you understand the distinction between Source of Funds (SOF) and Source of Wealth (SOW), as well as offering step by step guidance on how to carry these checks out yourself.

This session introduces you to the concepts of Simplified Due Diligence (SDD), Enhanced Due Diligence (EDD) and Politically Exposed Person (PEPS). During the session, you will be encouraged to consider your firm’s own approach to these matters, ensuring there is good coverage to risk factors.

This session introduces you to three principal money laundering offences in the Proceeds of Crime Act (POCA) and outlines your legal duty to report suspicion.

You’ll also learn how and when to submit a Suspicious Activity Report (SAR), what to include, and the difference between a SAR and a Defence Against Money Laundering (DAML) request. The session also touches on tipping off, legal privilege, and the practical steps to take if you encounter suspected criminal funds.