The Law Society is committed to making the UK a hostile environment for illicit finances by helping solicitors in England and Wales act as gatekeepers to the UK financial system.
Solicitors play a key role in detecting and preventing money laundering, and the Law Society as the named supervisory authority under the Money Laundering Regulations 2017 shares the government’s objectives in ensuring the UK has a robust and effective AML regime.
To achieve this, we provide AML guidance to our members and work alongside government, law enforcement and other supervisory authorities to improve the UK’s legislative and policy framework on AML.
While the Law Society is the named supervisory authority, we have delegated all regulatory functions to the Solicitors Regulation Authority, which acts independently and is responsible for monitoring and enforcing solicitors’ compliance with their AML obligations.
Our team of solicitors answer questions on a wide variety of subjects, including anti-money laundering, costs, conveyancing, client care and complaints handling.
We act for a company in a commercial property transaction. Our client is a subsidiary of a company that is listed on the London Stock Exchange. What due diligence measures do we need to undertake on our client in the circumstances?
Two years ago, I acted for a client in the purchase of a property. I have now been contacted by the police, who have asked for the conveyancing file. How I should deal with this request?
I am selling property for a client to a buyer who is represented by a notary. I have checked that the notary is registered with the Faculty Office. Can I assume that the notary will undertake the usual anti-money laundering checks on his client?
I am my firm’s Money Laundering Reporting Officer and have made a Suspicious Activity Report to the National Crime Agency (NCA) in respect of my client’s proposed regulated transaction. What can I do or tell my client from now on?
My client is taking a lease of a shop and has put me in funds by handing me a banker’s draft. Can I treat it as cleared funds or do I need to investigate the source of funds?
I have been approached by a registered charity wishing me to act on the purchase of a property. What customer due diligence checks should I undertake?
Our latest advice and tips for new money laundering reporting officers.
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Our practical online course helps fee earners to recognise the warning signs and improve their risk management.
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.