Anti-Money Laundering

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Managing risk and learning from mistakes

As legal professionals, it is crucial to manage the risks we face daily and learn from our mistakes. The common goal of most professionals is to prevent messes in the

What does an AML audit involve?

We love an AML audit and really enjoy reviewing law firms’ policies and procedures to see the different approaches they take in respect of AML. Most of all, we find

Anti-Money Laundering – What to expect from an Independent Audit

Regulation 21 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (otherwise known as the Money Laundering Regulations) requires that regulated firms

Do you have to collect CDD on employees of clients?

This is a question I get asked loads of times! In fact, last week I had a client who has a policy of asking for ID for employees, and their

Economic Crime (Anti-Money Laundering) Levy

With all that is going on at the moment, its quite likely that you are not aware that the Government has introduced the Economic Crime (Anti-Money Laundering) Levy. This previously

Anti-money laundering top 10 tips

The legal sector is vulnerable to money laundering – and we’re here to help law firms with compliance and training, and make sure you’re fully equipped to ‘stop the baddies’. The credibility of a

Think you’re not a Tax Adviser? Think again!

On 23 November 2020 the SRA released guidance that may have been missed by many of you. What’s the purpose of the SRA Guidance? The purpose of the guidance was

New AML Guidance needs a careful review

On 20th January 2021 the Legal Sector Affinity Group (LSAG) finally issued their new draft AML guidance for law firms. Since 2017 LSAG have agreed to issue one sector wide

A look at the new Freelance Solicitor Model

In November 2019, the SRA introduced a new model of operating for so-called ‘freelance solicitors’. The intention of the freelance solicitor model was to allow solicitors greater flexibility when providing

What is a Politically Exposed Person (PEP) and how do I know if my client is one?

The SRA expect solicitors and firms to continue to meet the high standards the public expect (which includes upholding the rule of law). It’s therefore important to ensure that all