AML audit – new requirement from regulators
On the 20th January 2021 the LSAG published new Anti-Money Laundering Guidance for the legal sector which states that ‘The practice must conduct an independent audit of the adequacy and effectiveness of its AML policies, controls and procedures’.
Legal Eye offers an audit service to fulfil this requirement. The audit report summarises an evaluation of your AML policies, controls and procedures and set out recommendations regarding the adequacy and effectiveness of the practice’s anti-money laundering and counter-terrorist financing policies, controls, and procedures (PCPs).
The report will identify whether these are adequate and whether they are working as they should. It also sets out any areas of non-compliance, both with the MLR 2017 and with the firm’s policy, identified during the audit.