Anti-Money Laundering, Counter Terrorist Financing and wider Financial Crime issues remain near the top of the risk and compliance agenda for law firms and property professionals. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 impose an obligation for a firm to undertake a written risk assessment of its AML/CFT exposure and for its policies, controls and procedures to reflect the findings in that risk assessment. Many of the other requirements are more prescriptive than previous Regulations. Key highlights of the 2017 Regulations can be found here.
The Legal Sector Affinity Group (LSAG) has reviewed and redrafted the anti-money laundering (AML) guidance for the legal sector following the implementation of the EU’s 5th Money Laundering Directive. See here. This is a draft, awaiting HM Treasury approval.
We can assist you in meeting the updated requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 :
- Conducting a risk assessment to understand the AML/CTF and other financial crime risks faced by the firm;
- Implementing/updating of policies, controls and procedures to reflect the risks identified;
- Examining and evaluating the adequacy and effectiveness of your policies, controls and procedures and the system via monitoring and management, audit and review;
- Assistance with the client engagement process and incorporating risk profiling;
- Training for MLROs, Compliance and Client engagement teams;
- Training of ‘relevant employees’;
- Advice to the new Money Laundering Compliance Officers on regulatory compliance;
- Advice to Money Laundering Reporting Officers on suspicious activity reporting, legal professional privilege and the crime fraud exception.
We provide specialist legal advice on anti-money laundering and other financial crime issues to professional firms. See here.
For useful links see our Resources section here.
For specialist legal advice on Anti-Money Laundering please contact Sue.
0345 330 6791 firstname.lastname@example.org