Essentials: Anti-Money Laundering Legislation and Risk Management |

Essentials: Anti-Money Laundering Legislation and Risk Management


Course Info

CPD Points 1
Competency Practice Management and Business Skills

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Author Profile

Essentials: Anti-Money Laundering Legislation and Risk Management

Karen is the principal of Legal Know-How, a legal consulting practice which provides expert legal advice and user-friendly knowledge management solutions to financial institutions, large corporates, SMEs and law firms. 

Course Summary

The aim of this course is to equip lawyers with the essentials to advise clients appropriately in relation to money laundering and terrorist financing risks, as well as the tools to ensure they do not inadvertently facilitate these activities through their own practice.

Course Details

Money laundering and terrorism financing pose significant risks for both lawyers and their clients. It is essential for lawyers to understand how to manage and mitigate these risks to ensure they can appropriately advise their own clients, as well as ensure they do not unintentionally or inadvertently facilitate these activities through their own practices.

This course provides an explanation of how money laundering and terrorism financing work, and then provides an overview of the obligations imposed under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) including:

  • key elements of an AML/CTF program;
  • understanding the four key risk factors;
  • initial client identification and ongoing client due diligence;
  • reporting obligations, including suspicious matter reporting; and
  • consequences of non-compliance.

These obligations are discussed in relation to how they apply to lawyers and law practices, but also how the legislation applies more broadly to the clients which lawyers advise. The course also discusses how to use appropriate risk management and practice management techniques to minimise the risks of inadvertently or unintentionally facilitating money laundering or terrorist financing activities.


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