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.
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.
Topics include the Criminal Finances Bill, 4MLD consultation and NCA consent/DAML issues and guidance.
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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Subscribe to AML Update and receive bi-monthly AML developments, as well as details of anti-money laundering training and events.
The Risk and Compliance conference will examine the current compliance issues that are affecting firms and legal departments.
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.