Are You AML Ready? A Compliance Toolkit for Solicitors
Course View More
Solicitors Accounts Regulations 2024 Overview
Presented by Martin Lawlor.
50
Online
1 CPD Hour: Client Care & Professional Standards
On-Demand Webinar
About this course
This hands-on webinar will refresh your knowledge of the 2023 Regulations.
It will also provide you with an insight into how they are working in practice. In addition, it will examine some issues that have been thrown up and look at how solicitors are managing those issues.
It is designed to alert to the potential pitfalls and problems in this area.
Course syllabus
- Overview of the 2023 Regulations: Martin Lawlor discusses changes introduced in the 2023 Solicitors Accounts Regulations, including estate accounts, balancing statements, compliance partner obligations, and authorized signatures, with a primary focus on preventing deficits in client accounts.
- Deficit Concerns and Compensation Fund: Emphasis on the importance of managing deficits in client accounts, as deficits require contributions from solicitors to a compensation fund, aiming to minimize exposure and reduce long-term financial burdens.
- Handling Client Balances: Solicitors must review client ledger balances regularly to address undue delays, particularly focusing on balances outstanding for two years or more, ensuring compliance and accurate representation of firm finances.
- Responsibilities and Compliance: Compliance partners must maintain proper records and demonstrate adherence to regulations, including off-premises backup of transaction records and avoiding pre-signed client account checks to prevent fraud.
- Specific Scenarios and Practical Advice: Practical advice on handling various scenarios, such as managing dormant balances, dealing with client funds post-completion of services, and ensuring proper documentation for cash payments and transfers between client accounts.
Meet the speaker – Martin Lawlor
Regulatory Compliance Partner
Martin Lawlor is the Regulatory Compliance Partner at Coghlan Kelly Solicitors, New Ross Co Wexford, he is a co-founder of Solicitors Growth and President of the Wexford Solicitors Association.
...
