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How Ineffective Risk Assessments Threaten AML Compliance

Moderator: Arsalan Abbasi | Guest Speakers: Eloise Butterworth - Gavin Ball | Date: 16/10/2024 | 2:00 PM BST

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The legal sector has faced an increasingly complex AML landscape over the past six months, with the Solicitors Regulation Authority (SRA) implementing new guidelines and stricter enforcement.

By June 2024, the SRA released a report that should serve as a wake-up call. It revealed that 51% of client and matter risk assessments were ineffective, exposing firms to significant vulnerabilities.

As the SRA exercised its new fining powers, it issued at least ten decisions on AML breaches, totalling £170,000 in fines in the first quarter alone. This sends a clear message - one that firms cannot afford to ignore.

This roundtable session will see our esteemed panel untangle the complexities of risk assessments: Eloise Butterworth, Compliance Manager at Lester Aldridge, Gavin Ball, Co-Owner of HiveRisk, and Arsalan Abbasi, LegalTech Consultant.

Here’s what you’ll learn:
 
  • The importance of thorough client and matter assessments
  • Explore challenges in verifying client funds and penalties
  • See how flawed risk assessments lead to breaches and fixes
  • Review case studies of firms fined for ineffective risk assessments
 
 
As Compliance Manager and Deputy MLRO, Eloise provides day-to-day support to Lester Aldridge’s fee earners on a wide range of regulatory and compliance topics, particularly on anti-money laundering and risk mitigation.  

Lester Aldridge, a leading law firm with offices in Bournemouth, Southampton, and London, provides expert legal advice to businesses and individuals regionally, nationally, and internationally. With a strong reputation and over 400 staff, we offer tailored solutions and a genuine partnership approach, ensuring accessibility and ease of interaction.

 
As the Technical Director/Co-Owner for HiveRisk, I oversee, manage and deliver our client contracts, audits and reviews, providing technical compliance support and working closely with our clients to ensure a first-class service delivered in a timely and professional manner.

Providing Financial Crime and Compliance Consultancy and Advisory services to Law Firms, Estate Agents, & Professional Services Firms, focusing on Regulatory Compliance, Anti-Money Laundering, Fraud Prevention and Business Authorisation.

My role also provides strategic input to HiveRisk, delivering business development, leadership, team supervision and training.
 
 
Arsalan is an expert in the Legal and RegTech market, aiding professional firms with tech adoption, supporting Founders with Go-To-Market strategy and facilitating key introductions for investors in the space.

With Aventine Lab, we leverage our network, expertise and insights to accelerate growth and increase sources of revenue in the LegalTech & RegTech markets. 

We craft and execute high-impact market entry strategies for Founders. For Investors, we make key introductions and provide a wealth of insight into LegalTech & RegTech markets. For professional and financial services, we consult on tech adoption and workflow management.

Host

Arsalan Pic copy

Arsalan Abbasi
Aventine Lab, Reg and LegalTech Consultant

Date: Wednesday, 16th October 2024

Time: 2:00 PM BST

Duration: 1 hour

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