Compliance with money laundering obligations is one of the greatest challenges for solicitors in the UK today.
It is that time of year again, we are all feeling festive, thinking of relaxing at home over the Christmas period with mince pies, chocolate and turkey! But what are the criminals looking forward to?
Today, company directors need to understand that the law requires them to ensure that their company is required to police itself for good corporate governance. The days have long gone when directors could say that their singular role in life was to maximise company profits, without considering the wider implications of its actions.
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.
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
Alexandra Cardenas discusses the Anti-Corruption Summit 2016, where MPs stated that the UK needs to lead by example to drive out corruption.
Our latest advice and tips for new money laundering reporting officers.
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Practical, half-day conference in Leeds on 12 June 2018
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.