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.
Read an extract of The Law and Regulation of Solicitors: Client Money
Table 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