Is lack of training for your COLP, COFA or MLCO and MLRO harming your firm?
It is not enough to put AML procedures in place, it is much more about fully understanding the responsibilities and putting them into practice. The Solicitors Regulations Authority (SRA) has continued to warn firms of its recent findings of failures across the industry. Nearly two-thirds of firms it reviewed in a new programme of AML checks at the beginning of this year required “some form of engagement” with the regulator as a result.
The SRA said that a large number of files showed differences between the firm’s policies and procedures and “what actually happened on the ground”. This lack of understanding or failure to put into practice what is contained in a firm’s own procedures highlights the crucial part training plays in protecting a law firm and its staff. Policies are only as effective as the staff implementing them.
Recently, in Train Your Staff on The Regulations we discussed the essential ingredients required for firms to protect themselves and their staff including the importance of Policies, Control and Procedures (PCP’s); Staff Training; and, Recording and Advice. In follow up, this article highlights some of the training courses we have designed to assist firms with their challenge of training as we fully understand the pressures firms face in this regard. We have detailed some of the live programmes available below, specifically designed to ensure staff are fully up to date with the regulations and the best practice.
Our training is focused on core and trending topics for law firms and can be delivered to firms and their staff on both a 1-2-1 or Group basis.
Compliance Focused Training Courses
We pride ourselves on ensuring each training course we deliver is bespoke to the firm and the audience and importantly we deliver ALL training live enabling the delegates to ask questions and clarify understanding. We do not offer pre-recorded webinars as we believe that training should be interactive and add value and not just convenient.
Some of the compliance training courses we offer include but are not limited to:
A detailed course prepared for the Compliance Officer for Legal Practice (COLP).
Whether you are new to the role or an existing COLP who wants a detailed understanding of the requirements of the role and how to protect yourself and your firm this course delivers a detailed insight into your personal requirements.
The course is designed to consider and discuss all the aspects you must implement to fulfil your duties and responsibilities as a COLP. Course Length: 3-4 Hours. Enquire Now
A detailed course prepared for the Compliance Officer for Finance and Administration (COFA’s), whether you are new to the role or an existing COFA, this course sets out what you must do to perform in the role of the COFA, protecting your firm, yourself and your clients. We will analyse the elements of the role that are essential and ensure you understand what your requirements are and the systems and controls you need to implement to perform your role when considering the SRA Accounts Rules and other financial controls. Course Length: 3-4 Hours. Enquire Now
Anti-Money Laundering Regulations – The Basics
This course is prepared for all staff within a firm. It will provide an overview of the Anti Money Laundering (AML) rules, establishing the core features and requirements for the firm and its staff.
This course will provide sufficient information for all to understand what their role should be in preventing Money Laundering and Fraud and should be used as part of your firm’s annual AML training to meet your regulatory requirements. Course Length: 1 – 2 Hours. Enquire Now
Anti-Money Laundering Regulations – The Detail
A detailed course for fee earning staff, Supervisors and other staff involved in the AML process. This course goes into detail on the AML regulations and highlights the requirements of a firm and its staff to protect themselves and the firm and when and how they need to take action. We will discuss the implication of non-compliance and the actions to take when the firm faces potential or actual money laundering issues. We will also discuss auditing requirements and supervising the firm generally from an AML perspective. This course is further designed to allow an attendee to deliver the basics course (see above). Course Length: 3-4 Hours. Enquire Now
MLCO and MLRO Training
A detailed course prepared for Money Laundering Compliance and Reporting Officers.
With these roles being critical for the protection of the firm and failure to comply leading to serious sanctions which could include criminal prosecution, the MLRO and MLCO must be aware of their obligations and those of their staff. We will discuss and demonstrate the activity you must take, the detailed reasons why and help to implement a robust process within the firm that provides full but proportionate protection. Course Length: 3-4 Hours. Enquire Now
Comprehensive Training Solutions
Training is an essential part of any law firm’s maintenance and development. Enhancing the knowledge of those who work within a law firm allows that firm to evolve, improve what it does and keep pace with the complex and changing world of legal services. To find out more about our training courses, or to view the full list of programmes available, please visit:
Outsourced Compliance Services For Law Firms
As part of The Strategic Partners risk and compliance solutions, training for all staff on the codes of conduct and implementing a supervisory structure that complements the firm’s approach and protects staff (and the COLP) is standard.
The Strategic Partner has devised 2 products for law firms:
- Risk, Regulation and Compliance Service including AML provides firms with the necessary Policies Control and Procedures (PCP’s) alongside training, supervision structure, an annual independent assessment and reporting. This solution ensures firms and their staff are compliant and remain there. It also makes it clear what to do in the event of a mistake and/or a breach occurs.
- Risk, Compliance & AML Guidance and Administration Service provides an outsource solution for firms where The Strategic Partner not only manage and maintain the risk registers and take reports from all staff (inc Partners) and provides advice on an ongoing basis but also provides a monthly compliance report.
The combination of these two solutions provides a law firm with a robust and cost-effective risk and compliance strategy that ensures staff have access to expert guidance as it is needed.
How we can help
The Strategic Partner provides essential support to law firms. We offer a range of services and consultancy tailored to the Legal sector. We have gained a wealth of knowledge and experience in the overall management of law firms and work with them to achieve profitability, stability, and efficiency. Our goal is to become a valued and respected partner to our member law firms providing high-quality services and solutions at all times.