course: fraud masterclass
for mlros & senior solicitors
Learning Outcomes
By the end of this course, delegates will:
- Understand the role of senior officers in protecting the firm and its client
- Identify best practice in fraud prevention
- Understand the UK Regulatory and Legal Framework
- Tone from the top principles and culture
- Consider the practical issue
Session 1: Introduction to Fraud and Regulatory Framework (45 minutes)
Welcome and Objectives
- Overview of objectives and key takeaways
Understanding Fraud
- Definition and types of fraud (e.g., financial fraud, cyber fraud, identity theft)
- Common fraud schemes and tactics
Regulatory Framework
- Overview of relevant UK laws and regulations (e.g., Economic Crime and Corporate Transparency Act 2023, Money Laundering Regulations 2017)
- Role of the Financial Conduct Authority (FCA) and Solicitors Regulation Authority (SRA)
- New corporate criminal offence of “failure to prevent fraud”
Session 2: Responsibilities and Best Practices (60 minutes)
Role of MLROs
- Key responsibilities and duties
- Reporting obligations to the National Crime Agency (NCA)
- Strategies for effective oversight and compliance
Role of Senior Solicitors
- Legal responsibilities and duties
- Advising clients on fraud prevention and detection
- Managing fraud-related litigation and investigations
Best Practices for Fraud Prevention
- Developing an anti-fraud culture within the firm
- Implementing robust internal controls and monitoring systems
- Training and awareness programs for staff
Session 3: Case Studies and Practical Applications (75 minutes)
Case Studies
Case Study 1: COVID-19 Loan Fraud
- Overview
- Key points
- Lessons learned
Case Study 2: Ponzi Scheme Investigation
- Overview
- Key points
- Lessons learned
Interactive Workshop
- Group discussions on hypothetical legal sector fraud scenarios
Technology and Tools
- Overview of fraud detection technologies (e.g., AI, machine learning), CDD, Open Source
Tools for monitoring and investigating fraud
Session 4: Q&A and Wrap-Up (30 minutes)
Q&A Session
- Addressing specific concerns and challenges faced by Delegates in their roles
Summary and Key Takeaways
- Recap of key points covered
Thoughts and closing remarks
Get in touch about our 'Fraud Masterclass for MLROs and Senior Solicitors'
For more information about our Fraud Prevention Services, or to book or find out more about this course, contact our experts today.
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Training & Education
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Policy Review & Writing
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Audit
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Teal
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Our technology solution for your compliance needs. Keeping you and your clients safe.