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Are your AML processes under scrutiny? 

With 400 randomly-selected UK law firms currently being assessed by the SRA concerning the suitability of their AML policies and procedures; Legal Eye is on hand to help firms to address the challenge.

How confident are you that your AML processes are robust? Could you benefit from an independent analysis of your current procedures and policies?

In response to client demand Legal Eye is now offering a one-day AML Risk and Compliance Gap Analysis. One of our specialist AML advisers will visit your office and assess the compliance of your firm’s policies controls and procedures against the MLR 2017. This will give you a clear picture of where you are now; and clearly identify if there are any gaps between your current position and the requirements of the MLR 2017.

What if there is room for improvement?

It may be that no action is required and that your current procedures – and importantly, your current practices on a day-to-day level – are meeting requirements fully. If so our independent review will provide you with a written report to help you to evidence the same to the regulator.

Our report will also identify any actions that you may need to consider effectively providing you with a route map to full compliance.

Areas considered include:

  • Governance
  • Risk based approach
  • Customer due diligence
  • Source of funds and source of wealth
  • Training
  • Suspicious activity reporting.

We’ll ask you for a set of documents to review on the day including for example your:

  • Compliance plan
  • Risk register
  • AML policy
  • Matter Risk Assessment templates and forms used with clients
  • Client Care & Terms of Business Documents
  • Data Protection Procedures as far as they relate to AML and CDD Retention
  • Learning & development plans
  • Review of a selection of files
  • Interviews with a small selection of staff. 

Included as part of your AML Risk & Compliance Gap Analysis is a comprehensive written action plan confirming the suggested corrective action required. The SRA Accounts Rules do not form part of this agreement.

For a quote please contact Dawn Stone.

Any Questions?

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