Legal Eye’s enhanced AML masterclass more critical than ever for CLC and SRA-regulated firms

As supervisory expectations intensify and enforcement actions increase, compliance is more critical than ever for firms regulated by the Council for Licensed Conveyancers (CLC) and the Solicitors Regulation Authority (SRA). Against this evolving risk landscape, Legal Eye, a trusted expert in legal sector risk and compliance solutions, advises firms to reinforce training with its enhanced AML masterclass.

Equipping firms with the latest insights and practical strategies to stay ahead of compliance requirements, the training ensures firms are not just meeting minimum obligations but proactively strengthening their AML frameworks to mitigate risks effectively.

Why Legal Eye’s enhanced AML masterclass is needed

Recent regulatory actions underscore the increasing scrutiny of compliance practices, with multiple firms incurring significant fines for not establishing strong AML procedures.

High-profile cases include:

• Harrison Thames Valley Solicitors (trading as Harrison’s Solicitors) – fined £25,000 for AML breaches.
• City solicitor Dennis Ko – fined £27,500 over AML compliance failings.
• Tyndallwoods Solicitors – fined more than £27,000 for AML failings.
• Timothy Gray, a veteran solicitor of almost 50 years – fined £15,000 for failing to conduct proper due diligence on client-provided bank details.

These penalties reinforce the need for practical and effective AML training that equips staff with the knowledge to identify and mitigate financial crime risks.

What’s on offer

The sessions – held online and for two hours – cover all the essential elements required by the CLC and SRA. With specific elements tailored to the firm and the relevant regulator, the masterclass provides:

• Customised training sessions: An initial scoping call ensures the content aligns with the firm’s unique risk profile and operational requirements.
• Comprehensive curriculum: The training covers essential topics such as roles and responsibilities, verification of identification, and practical considerations for source of funds and wealth checks.
• In-depth regulatory insights: Participants gain an understanding of the latest regulatory requirements and guidance from the SRA or CLC – on matters such as emerging risks and threats.
• Advanced insights: Depending on needs, firms may decide to focus on specific areas such as proliferation financing, Chinese underground banking, dealing with crypto funds, tax adviser activities, and more.
• Flexible learning resources: Following the live session, firms receive a recording of the training and accompanying presentation slides. This allows for ongoing reference and ensures all staff members, including those unable to attend the live session, have access to the material.

The AML masterclass – designed explicitly for MLROs and Deputy MRLOs – equips compliance officers and their teams with practical insights, helping to embed a proactive approach to regulatory excellence.

Live & Exclusive to your firm

This training session is live and exclusively tailored to your firm, providing you with the opportunity to ask questions in real time. Additionally, you will receive a recording of the session, allowing you to revisit and review the material at your convenience.

About Legal Eye

Legal Eye is a specialist risk and compliance consultancy dedicated to supporting law firms and conveyancers. With a focus on delivering practical solutions, Legal Eye offers a wide range of services including compliance and certification support, training, AML audits, and more.

Commenting on the AML masterclass, Paul Saunders, managing director at Legal Eye, said: “To stay ahead of the game, it’s imperative firms move beyond a tick-box approach to AML compliance. Both the SRA and the CLC expect firms to have policies and training that are agile and adaptive to the changing ways of money laundering and criminal behaviour – with the penalties for non-compliance likely to be substantial.

“Developed to help build a culture of learning and diligence, our enhanced AML Masterclass is more important than ever, providing firms with the essential tools to safeguard their compliance frameworks and mitigate growing risks.”

Legal Eye’s enhanced AML masterclass training is available for booking. Firms interested in strengthening their compliance frameworks are encouraged to contact Legal Eye at bestpractice@legal-eye.co.uk or call 020 3051 2049 to schedule their tailored training session.