Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and wider Financial Crime issues remain near the top of the risk and compliance agenda for law firms and property professionals. We have been helping firms with their AML compliance since we set up in 2003.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (incorporating subsequent amendments) impose prescriptive obligations on legal professionals, trust and company service providers and estate agents (amongst others). The latest Legal Sector Affinity Group (LSAG) Anti-Money Laundering (AML) Guidance for the Legal Sector, provides good-practice information on complying with those obligations. The Guidance was approved by HM Treasury in July 2022. See here.
We can assist you in meeting your requirement to:
- Regulation 18 and 18A: Maintain a written risk assessment of the firm’s exposure to AML/CFT and Proliferation Financing risk.
- We can conduct interviews with key personnel to understand the AML/CTF and other financial crime risks faced by the firm and provide a detailed, written risk assessment.
- Regulation 19: Maintain written policies, controls and procedures (PCPs) that aim to mitigate the risks identified in the risk assessment.
- Review or draft your policies, controls and procedures.
- Review your client engagement and due diligence process.
- Review your client and matter risk profiling process.
- Regulation 21: Establish an independent audit function.
- We provide audits to examine and evaluate the adequacy and effectiveness of your policies, controls and procedures and the system via monitoring and management, audit and review.
- Regulation 24: Provide training
- Training for ‘relevant employees’.
- Training for MLROs, Compliance, Client engagement and Accounts teams.
- Regulation 21: Screen relevant employees.
- Review your Screening policy.
We provide specialist legal advice on anti-money laundering and other financial crime issues to professional firms:
- Advice to 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;
- Advice in dealing with Production Orders and other financial crime investigations/requests;
- Advice to General Counsel and Compliance Officers on Money Laundering and Bribery Act compliance.
For useful links see our Resources section here.
For specialist legal advice on Anti-Money Laundering please contact Sue.
0345 330 6791 [email protected]