This subsequent involvement comes off the back of a failure to carry out the relevant AML checks which fall on the shoulders of all legal professionals from solicitors to barristers and clerks.
Too often, the required anti-money laundering checks are assumed to be the responsibility of the instructing solicitor, however barristers and chambers staff alike have a responsibility to carry out their own checks.
Therefore, leaving the responsibility for AML checks to the instructing solicitor exposes barristers and chambers to increased risk of inadvertently becoming involved in illicit schemes.
The legal profession’s vulnerability to money laundering underscores the critical importance of comprehensive anti-money laundering training to safeguard against involvement in such illegal activities.
Launch of NEW Anti-Money Laundering training
Having recognised the need for barristers and chambers staff to take AML procedures seriously, legal compliance specialists, we have recently released our new online Anti-Money Laundering training module.
Their training module details the risks that money laundering poses to barristers and chambers, alongside the offences that members and staff are capable of committing should they find themselves involved in the illegal activity.
Learners will gain knowledge on what money laundering is, various ways to identify it, and – crucially – how to avoid falling victim to it. It’s worth reiterating that failure to do so as a chambers member or clerk can result in an unlimited fine or a maximum prison sentence of 14 years.
The phases and warning signs of money laundering are also addressed, coupled with information on assessing risk and how to carry out client due diligence in 3 regimented stages.
This sector-specific edition is accessible to users for 12 months, concluding with a randomised multiple-choice exam which provides certification upon completion.
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