Almost 100 of the UK's top law firms have come together to create a variety of Internet-based training programmes to help lawyers and support staff comply with new anti-money laundering regulations.


The Money Laundering Regulations 2007, which implement the third EU money laundering directive, come into force on 15 December. The new rules increase due diligence requirements on firms and impose criminal sanctions for serious breaches.



The network, called the Online Compliance Consortium (OCC), was initially formed by 14 firms including the likes of Linklaters, Lovells, Allen & Overy and Bird & Bird, but now counts 98 firms as members. The law firms involved devised training modules in collaboration with e-learning provider VinciWorks.



David Shaw, senior consultant at VinciWorks, said: 'There is no commercial advantage to being the best anti-money laundering firm in the country, but there is a definite disadvantage in not being trained.



'The possible two-year prison sentence for a firm's money laundering reporting officer if there is a breach is an incentive to train staff in itself. Money laundering is a very serious offence and is more acute because of terrorism.'



The training, which amounts to 1.5 CPD hours, is tailored to international, national and provincial firms. A shorter course is available for support workers, as the OCC wanted 'anyone that comes into contact with clients or client funds to be trained in anti-money laundering', said Mr Shaw.



This week, the Law Society published revised written guidance for solicitors on complying with the new regulations and announced the launch of a series of training seminars. Details of both are available at: www.moneylaundering.lawsociety.org.uk.



Anita Rice