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All those involved in legal services delivery, whether solicitors, licensed conveyancers, reporting accountants, or other legal professionals, need to understand the requirements for receiving, holding, and transferring client money. Handling this money also has another dimension for the professional to carefully consider: the serious issue of anti-money laundering.
Presenting the rules, requirements, and anti-money laundering context of law firm financial management in an easy-to-understand guide, this book takes a new angle by examining client money in two important and related arenas:
- Within the client account
- Within the legislative framework for money laundering
Providing a straightforward explanation of the Solicitors Accounts Rules, CLC Accounts Rules, the Money Laundering Regulations 2017, and the relevant sections of the Proceeds of Crime Act 2002, its practical layout encompasses diagrams, worked examples, and a section of training materials for use as continuous professional development.
The book not only informs and is a reference point for the reader and their firm, but it also provides example forms, risk assessments, and training plans. Firms can use it as a basis for policies and procedures, learning and education, and for broader policy debate amongst more senior professionals. This is essential reading for those studying to become solicitors or licensed conveyancers; legal and finance professionals; money laundering reporting officers; and accounts professionals in legal services.
List of contents
1. The Accounts Rules
2. Receiving Client Money
Precedent 2A: Anti-Money Laundering Advice Form
Precedent 2B: Anti-Money Laundering Reporting Form
3. Risk Assessments and Risk Management
Precedent 3A: Business Continuity Plan
Precedent 3B: Anti-Money Laundering Risk Assessment Template 1
Precedent 3C: Anti-Money Laundering Risk Assessment Template 2
Precedent 3D: Anti-Money Laundering and Client Money File Review
Precedent 3E: Transaction Finance and Client Financial Health Risk Assessment
Precedent 3F: Reflective Anti-Money Laundering Risk Assessment
Precedent 3G: Sample Wording for File Storage and File Reviews Policies
Precedent 3H: Departmental or Individual Client Matter Risk Assessment (EDD)
4. Legislation, Regulatory Outcomes, and Offences
5. Case Studies
Precedent 5A: Sample Compliance Learning and Development Plan
Precedent 5B: Part Template Anti-Money Laundering Policy for Small Firms and Natural Persons
6. Continuous Professional Development
Appendix 6A: Further information and some answers
7. Current and Future Developments
8. Conclusion
Appendix A: Bibliography
About the author
Katie Jackson is a former regulator at the Solicitors Regulation Authority and Council for Licensed Conveyancers. She is currently an examiner on the Professional Skills Course in Finance and Business for Datalaw, and a course provider for the National Association of Paralegals in Professional Skills. She is also a consultant in professional standards to law firms.
Summary
All those involved in legal services delivery, whether solicitors, licensed conveyancers, reporting accountants, or other legal professionals, need to understand the requirements for receiving, holding, and transferring client money. Handling this money also has another dimension for the professional to carefully consider: the serious issue of anti-money laundering.
Presenting the rules, requirements, and anti-money laundering context of law firm financial management in an easy-to-understand guide, this book takes a new angle by examining client money in two important and related arenas:
- Within the client account
- Within the legislative framework for money laundering
Providing a straightforward explanation of the Solicitors Accounts Rules, CLC Accounts Rules, the Money Laundering Regulations 2017, and the relevant sections of the Proceeds of Crime Act 2002, its practical layout encompasses diagrams, worked examples, and a section of training materials for use as continuous professional development.
The book not only informs and is a reference point for the reader and their firm, but it also provides example forms, risk assessments, and training plans. Firms can use it as a basis for policies and procedures, learning and education, and for broader policy debate amongst more senior professionals. This is essential reading for those studying to become solicitors or licensed conveyancers; legal and finance professionals; money laundering reporting officers; and accounts professionals in legal services.
Foreword
This book examines receiving or overseeing client money in two important and related arenas - within the client account and within the legislative framework for money laundering
