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.
The National Crime Agency (NCA) has published the first edition of Frequently Asked Questions on the Defence Against Money Laundering (DAML) Suspicious Activity Reporting (SARs) regime.
In this month's feature, we look at how money laundering reporting officers (MLROs) can develop effective relationships with their legal practice's accounts team.
So you have been elected the money laundering reporting officer (MLRO). You ask yourself a number of questions, the main one being 'how do I persuade my board and senior partners that this Proceeds of Crime Act is serious?' Not an easy challenge.
Potential criminal sanctions for breaches of money laundering obligations can be seen as a useful headline to keep the attention of partners and fee earners in training.
Resources available to you, tips on how to manage fee earners' and management's expectations, and help you avoid some of the common pitfalls for newcomers
Many MLROs still find the verification of source of funds a contentious area, with fee earners and partners often making a number of incorrect assumptions about their obligations.
We look at what a money laundering reporting officer needs to consider before deciding that there are grounds to make a report to the Serious Organised Crime Agency.
Our team of solicitors answers questions on a wide variety of subjects, including anti-money laundering, costs, conveyancing, client care and complaints handling.
A summary of decisions from the Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements made in February and March 2018.
In April 2016 the government made a commitment in its Action Plan for Anti-Money Laundering and Counter-Terrorist Financing to reform the SARs regime.
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.
Call us on 020 7320 9544 Email: AML@lawsociety.org.ukFind out more about our helplines
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The latest in AML and financial crime from experts in the field
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.