AML – Anti-Money Laundering scenarios

E-learning overview

Our anti-money laundering scenarios help you to maintain your knowledge and understand how to apply AML techniques in practice.

The scenarios help to embed the right approach to the exploring and decision-making that should be an everyday part of your approach to anti-money laundering in your law firm. Each scenario takes about 10-15 minutes to complete and includes feedback and a quiz.

The scenarios are based on real examples and put you in the hot seat. Can you spot the money-launderer? You get to decide what evidence to explore and what questions to ask. Then you get to decide what to do next. Should you report to the client? Continue acting? Report to your money laundering reporting officer (MLRO)?

The scenarios are ideal for busy lawyers who already understand their obligations and don’t need the introductory short modules. But for anyone new to AML, please take our short module courses first.

Content

In each anti-money laundering scenario you will decide how to deal with the situation that is presented. What AML checks should you make? What questions should you ask the parties? How will you decide what actions should be taken?

Scenario 1 – Property investment

A property investment company instructs a solicitor to assist with the purchase of two properties. As the solicitor starts work, it seems that some details don’t quite stack up.

Scenario 2 – CDD process

Instructed by a property investment company you will follow the CDD process and look at what happens when a PEP is involved.

Scenario 3 – Property investment discrepancies

A property investment company instructs a solicitor to assist with the purchase of two properties. There are discrepancies between the information provided by the client and the information available on Companies House.

Scenario 4 – Sale of a buy-to-let

A conveyancing firm is instructed by a client in the sale of a buy-to-let property. The transaction seems to go smoothly until the police get involved. Can you identify what went wrong?

Scenario 5 – Trust & company services provision

This scenario covers trust and company services provision work (TCSP), starting work when CDD is incomplete, and AML training requirements.

Scenario 6 – Existing client

A senior lawyer delegates a complex transaction to a junior lawyer. The work is for an existing client, but does anything else need to be explored?

Scenario 7 – Source of wealth

A new client is buying an apartment. Our lawyer is looking for anti-money laundering red flags and conducting source of wealth and source of funds enquiries.

Scenario 8 – Criminal convictions

In this scenario, our lawyers look at how previous criminal convictions may influence anti-money laundering checks.

Scenario 9 – Source of funds checks

This scenario covers key points on obtaining the correct evidence for source of funds checks.

Scenario 10 – Funding a transaction by selling Bitcoin

This scenario covers which checks should be made when Bitcoin is involved and whether you can understand the information the checks reveal.

Scenario 11 – Bitcoin acquired by mining

A new client is financing a transaction with funds raised from selling Bitcoin. She says she mined the Bitcoin herself. This scenario looks at how to manage the AML risks involved.

Scenario 12 – Checks on a clients relatives

In this scenario a property transaction is being funded partly by a gift from the client’s parents. 

Scenario 13 – Client request for Know Your Customer (KYC) docs

This scenario is about dealing with a client’s request to return or destroy their KYC documents. 

Scenario 14 – Receiving third party funds from an unchecked source

This scenario looks at the anti-money laundering difficulties that arise in a property transaction when the seller’s solicitor unexpectedly receives completion funds from an unchecked source.

Scenario 15 – Electronic KYC

This course looks at the situation where a client is not able to use an onboarding app as they do not use a Smartphone. 

Outcomes

As a result of completing each AML scenario you will know:

• how and when to complete Customer Due Diligence (CDD), enhanced CDD and other checks
• why ongoing monitoring, detection and constant vigilance are essential
• when and how to involve your firm’s MLRO
• how to avoid the risks associated with ‘tipping off’

Duration

10 – 15 minutes per scenario