HM Treasury have now approved UK-wide AML guidance for the legal sector.
The guidance has been devised to meet the needs of all UK legal professionals who are involved in anti-money laundering compliance. It provides information on how to ensure AML procedures are effective and on the signs to look for that can signal your firm is at risk. The guidance also offers information on primary money laundering and terrorism offences, legal professional privilege, making disclosures under the SARS regime, and enforcement measures.
We encourage all MLROs to renew their practice unit policies, controls and procedures to ensure they are compliant with the requirements of the new regulations.
If you have queries about the new guidance, contact us at email@example.com.