Examining the new Legal Sector AML Guidance
On the 20th January 2021, the Legal Sector Affinity Group published their long awaited draft AML Guidance.
At first glance, it is a substantial re-write. The chapters have been re-organised, with more practical guidance, but there is one very important change, which you can see in the first few pages. This guidance sets out the regulator’s expectations and many examples of what is considered good practice. But note, if you do not want to do something that you are advised that you “should” do, you will need to be prepared to explain why not.
We’re putting together a package of support over the coming weeks.
- We’ve written a comprehensive Guide to the main changes in the guidance, and the practical steps you may need to take to ensure you comply (£30 plus VAT). Email email@example.com for information
- On the 27th January we’ll be running a webinar (also £30 plus VAT) covering the practical implications of the changes. The recording will be available after that date. eventbrite – Examining the new Legal Sector AML Guidance
- We are running a full day online Masterclass on the 13th April, covering the roles and responsibilities of MLROs and MLCOs, the POCA offences, and the implementation of the Money Laundering Regulations incorporating the full guidance. We’ll also be covering the implications of the new guidance for Tax Advisers which will have a significant impact on many firm’s practices. Places cost £450 plus VAT each. This course is also available as a bespoke in-house course at £2000 plus VAT. eventbrite – The new Legal Sector AML Guidance Masterclass for MLROs and MLCOs
- Our AML Review service is available for those wanting a fresh pair of eyes over their Risk Assessment and Policies Controls and Procedures. At the end of the AML Review, we provide you with a “to do list” of everything we think you need to consider and/or change. This service is £2400 plus VAT. For those of you who’ve already had an AML Review with us, we can take another look against the requirements of the new guidance for £600 plus VAT. Email firstname.lastname@example.org for more information
- The SRA’s risk outlook recently made clear that it expected most firms to have had an independent audit of their policies, controls and procedures. Whilst you do not have to bring in an external auditor, many firms will not have internal resources suitable to qualify. We’ve been running these since 2017, and so have a great deal of experience in reviewing and testing AML compliance frameworks. Prices do depend on the size and nature of your firm, but start from £6000 plus VAT. Each audit takes at least 5 days and so capacity is limited, so please get in touch soon if you’d like to book in. Email email@example.com for more information