With traditional money laundering avenues now closed and global trends for more sophisticated techniques requiring the services of lawyers, trust accounts have become an “alluring prospect” for money launderers.
Despite popular belief, lawyers' temporary exemption from the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, in force from 30 June 2013, doesn't mean lawyers aren't affected. Day-to-day interactions with banks also impact lawyers.
The Act has immediate and far-reaching implications for all law firms with trust accounts and all transactional lawyers, and those in property, conveyancing, criminal, trust, estates and asset management areas.
This On Demand webinar provides critical insights into this new legislation. It will:
- list 10 immediate impacts on the operations of nearly every law firm operating a trust account;
- explain how lawyers' temporary exemption doesn't render lawyers or their clients immune from facilitating money laundering offences which apply immediately;
- raise your awareness of potential consequences on your business now, including PI insurance gaps;
- provide 3 guideline key indicators of money laundering activity lawyers should look for in daily practice;
- address conflict between existing and forthcoming obligations to report suspicious transactions and a lawyer’s obligation of confidentiality;
- outline key action steps every law firm should take to be ready to comply when the temporary 'process' exemption for lawyers is lifted, possibly as early as next year; and
- explain how firms can gain the opportunity to reduce their PI insurance premiums.
Who should view
The legislation has been described as having "more impact on the business of law than GST and Client Care Rules combined”. Gaining insights into the key aspects of this Act - especially those that apply immediately - is critical for all transactional lawyers and every law firm operating a trust account.
On Demand feedback received
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Access details will be delivered via email within 15 minutes.
Principal, LegalBestPractice; amlAssurance.com
Ashley has 30 plus years of working with law firms and the financial services sector in the UK/EU, the Far East and Australasia. He was a founding director of a UK based international consulting business. He is currently principal of LBP Ltd., (LegalBestPractice) an international business specialising in optimising performance in legal practices and corporate legal departments. A non-practising lawyer and statistician Ashley is passionate about modernising legal services delivery. He is widely published and was recently invited to contribute to a book on law firm management for the International Bar Association for publication in London in September 2013. Ashley co-founded the Law Management Group and amlAssurance.com.
Lawyer and Legal Consultant,
Team Factors; amlAssurance.com
Ron has decades of legal and business experience, as a lawyer with major law firms in New Zealand and London, as in-house counsel in a trans-Tasman role, as consultant to professional services firms and corporate and government agencies, and as an international thought leader, speaker and author. Ron was the leader of New Zealand’s corporate lawyers association and member of the NZ Law Society’s governing Council. He applies a cross-disciplinary approach to solutions - drawing together professional services, technology, project management and business elements within a direct, practical context and outcomes-based advisory and leadership ethos. Ron holds LLB (Hons) and BCom (Economics), is a member of the international Association of Certified Anti-Money Laundering Specialists, and co-founded New Zealand's Law Management Group and amlAssurance.com.