Headlines of Dirty Russian Money swishing around the London Property Market, UK Government fast-tracking long overdue legislation, Lawyers complicit in a London Laundromat for Dirty Money and the UK listed at Number 2 in the Hall of Fame for the amount of Money Laundered, only serve to heap more focus on what was already a priority area for Law Firms irrespective of where you are located in the UK.
Whether we like it or not, all of us in the legal profession, including its Regulators, are firmly in the spotlight of public opinion and must be seen to ensure our AML processes are where they need to be.
Our Regulators will be under even greater scrutiny to continue to review compliance amongst firms calling in a variety of documents on a regular basis and those like the SRA will continue to apply pressure through its Thematic Review regime.
Are you prepared for a Regulatory review?
- Have you conducted, or had an external Independent AML Audit?
- Are your Policies, Controls and Procedures in good order?
- Do you, and more importantly, your staff know your AML risks?
AML Spring Update 2022
Request a copy of our Best Practice Guide to the key AML Issues.