Compliance with money laundering obligations is one of the greatest challenges for solicitors in the UK today.
A round-up of money laundering in the headlines.
Recent questions to the Practice Advice Service on the role of the Money Laundering Reporting Officer and due diligence dilemmas.
The draft regulations will repeal and replace the Money Laundering Regulations 2007 and will bring about some significant changes.
Solicitors Disciplinary Tribunal cases where AML compliance failings or involvement in mortgage fraud have been identified and contribute to the sanction imposed.
Updates include new AML guidance for the legal sector and amendments to 5MLD.
On 25 April Morgan Lewis hosted a Law Society City Money Laundering Reporting Officers (MLRO) Networking Event, which included a presentation by HMRC on the new corporate offence of failure to prevent the criminal facilitation of tax evasion.
UPDATED 10 May 2017 Following great discussion on social media, it is probably helpful to highlight that the risk from using cloud storage systems is in particular from using the free online versions which the original post refers to. Read Peter's update about Dropbox, regulatory compliance and how a law firm was penalised by the ICO for having used a cloud storage system designed for private users for business purposes
We have responded to HM Treasury's consultation and call for further information.
We have responded to HMT's consultation, and have provided comments on the draft Money Laundering Regulations.
We have responded to the BEIS discussion paper on the transposition of article 30 of the Fourth Money Laundering Directive.
Our latest advice and tips for new money laundering reporting officers.
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The toolkit contains a full range of draft policies, procedures and template forms which legal practices can adapt to their individual circumstances.
Solicitors needing legal advice on anti-money laundering (AML) compliance can access an online directory of solicitors who practise in this area and are willing to be contacted by other solicitors seeking legal advice.