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.
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.
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
In this month's feature, we look at how MLROs can develop effective relationships with their legal practice's accounts team.
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.
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.
This article gives advice on how to persuade your board and senior partners that the Proceeds of Crime Act should be taken seriously.
A summary of decisions from the Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements made in February and March 2018.
Our team of solicitors answers questions on a wide variety of subjects, including anti-money laundering, costs, conveyancing, client care and complaints handling.
Page 104 of the Legal Sector AML Guidance states that 'section 330(9A) [of POCA] protects the privilege attaching to any disclosure made to a nominated officer for the purposes of obtaining advice about whether or not a disclosure should be made.'
Page 91 of the legal sector AML Guidance offers new information on when the 'reasonable excuse' defence to the principal money laundering offences may apply.
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
Subscribe to AML Update and receive bi-monthly AML developments, as well as details of anti-money laundering training and events.
Hear from industry experts on the latest developments in anti-money laundering compliance
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.