Compliance with money laundering obligations is one of the greatest challenges for solicitors in the UK today.
Draft guidance taking account of the changes introduced by the Money Laundering Regulations 2017.
Solicitors should report frozen assets belonging to a designated person to HM Treasury.
Our response highlights our concerns that OPBAS is likely to impose unnecessary costs on professional body AML supervisors.
The regulations, which come into force on 8 August, will extend to 'independent legal professionals' and other 'relevant businesses.'
Test your knowledge of anti-money laundering.
A brief overview of the key issues to be aware of and the changes to implement to comply with the regulations.
The draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017 were published on 15 March 2017. The regulations are not as long as the title sounds (or as scary) but failure to take note of the changes can expose firms to prosecution or disciplinary action. Firms with Lexcel should renew their AML policies to ensure compliance with the new regulations.
A round-up of money laundering in the headlines.
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.
Our latest advice and tips for new money laundering reporting officers.
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Our free and confidential helpline offers advice on a range of AML topics including customer due diligence, sources of funds, high-risk jurisdiction lists, and much more.
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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.