Importance of Anti-Money Laundering Procedures
The issues surrounding money laundering, and the steps that need to be taken in order to comply with anti-money laundering and counter-terrorism legislation, continue to be high on the agenda of the Solicitors Regulation Authority (SRA) and so should be viewed with equal importance by most law firms. This has particularly become the case given the increased levels of monitoring now being undertaken by the SRA.
The SRA have indicated that they intend to continue to focus on the levels of compliance in law firms, as is required by the enhanced duty that is now placed upon them. Practices that do not meet their obligations in relation to the prevention of money laundering and terrorism not only face possible criminal liability for the non-reporting of, or involvement in, suspicious activities but may also face disciplinary sanctions for non-compliance with the Money Laundering Regulations 2017.
Helping Firms Address their Responsibilities
Infolegal can help all law firms with the issues they face in complying with the often complex money laundering regulations. Indeed, it can claim to have led the way in helping law firms comply with their AML responsibilities for many years, with Infolegal director Matthew Moore having provided training on the subject since it first emerged as a requirement some 20 years ago. In addition, Matt is also the principal author of one of the leading publications on this topic – “Money Laundering Compliance for Solicitors” – a third edition which will be available in late 2021.
For those who simply require some general support in dealing with such issues, a subscription to the Infolegal Compliance Hub may be sufficient. This will provide everyone involved in the prevention of money laundering with access to factsheets, guidance notes, manuals and online training which specifically addresses money laundering issues.
However, for those who require more active or tailored support, Infolegal is also able to assist with our consultancy and in-house training options.
To find out more about AML and the role of the MLRO and MLCO, see the explanatory guide that you can download from this page.
Support for MLROs and MLCOs
In order to comply fully with the requirements of the Money Laundering Regulations, firms need to undertake a firm-wide risk assessment and and maintain a documented record of the steps that they have taken. In addition, they need to independently audit their processes and ensure that the MLRO and all other relevant staff are provided with appropriate training.
Whilst much of this can be achieved using the resources to be found on the Infolegal InfoHub, some firms may require additional support or training that has been targeted at their particular needs.
Infolegal, with its considerable experience of the difficult issues faced by MLROs and MLCOs, can assist firms in a number of key ways, including:
- drafting and reviewing policies and processes,
- advising on procedures for client engagement and due-diligence,
- assisting with the implementation of firm-wide risk assessments,
- providing advice in relation to the reporting of suspicious activities and advising on issues of privilege, and
- providing training for MLROs as to what they need to do to meet their responsibilities and for other staff as to the duties and responsibilities which they face – delivered either in person at your firm or through the online training resource to be found on the InfoHub.
Find Out More
To find out more about how Infolegal can assist you and your firm with COLP/COFA related issues, please contact us on firstname.lastname@example.org, phone us on 0203 371 1064 or complete the online enquiry form.