Protecting Your Trust Account and Anti-Money Laundering Basics for Attorneys

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Attorneys can unwittingly become facilitators of money laundering. In order to protect themselves, their clients, and their firm, it is important to be aware of the risks. Similarly, certain business types or transactions have BSA reporting requirements, and knowing the reporting requirements and potential exposure to risks will help attorneys serve their clients better. 

In this course, attorney Timothy Dunfey of Alhambra Compliance Consultants will discuss the Bank Secrecy Act and other anti-money laundering laws, rules, and regulations in a way that will benefit in-house counsel, real estate attorneys, criminal defense attorneys, and others.

Learning Objectives:

  1. Identify key ways to protect the attorney trust account 

  2. Explore 31 USC 5311, The Bank Secrecy Act, including its purpose and reporting requirements with respect to cash activity, negotiable instruments, SARS, and FBAR

  3. Comprehend AML risk, reporting requirements, and program requirements pursuant to 31 CFR 1020.210 and 31 CFR 3152

  4. Discuss geographic risk, including geographic targeting orders (GTOs), OFAC sanctions, and cryptocurrencies

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