Adopting a risk-based approach to anti-money laundering (AML) supervision allows the Society to focus its attention where it will have most benefit and minimise disruption where the risk is low.
Trust or company services provision (TCSP) has been identified by HM Treasury’s 2017 national risk assessment as a high-risk service area, and the Society’s latest AML initiative will provide a better understanding of TCSP in the legal sector. Thirty firms have been selected and contacted to take part in the first stage of the thematic review, which is an online questionnaire.
AML auditor at the Society, Alex White, is leading the review. He said: “With a clearer picture of how legal firms are carrying out TCSP and who their clients are, we will be in a stronger position to regulate, supervise and help protect firms working in this high risk area.
“This is a new process for our members and we appreciate their support and cooperation in this important initiative.”Firms who carry out TCSP work can find a range of information and support on the Society’s website.
In this issue
- Claiming under the advance payment scheme
- Time for a written constitution
- New form F9: worth the wait?
- Wedded to a matrimonial property regime
- Brexit divorce set to increase UK's “skype families”
- Corporate personality: Justice v Doctrine
- Reading for pleasure
- The Law Society of Scotland Expert Witness Index 2019
- Opinion: Judith Robertson
- Book reviews
- Profile: Michael Clancy
- President's column
- Is your legal data being held to ransom?
- People on the move
- Sign up – log in – action!
- Frozen out?
- Taxing times for litigators
- DNA analysis: when research just isn’t enough
- Brexit focus: EU citizen settlement remedies
- Why employers should report on wellbeing
- 3% – and then what?
- 1,000 days of mediation
- Barred from acting
- To name or not to name?
- Enter the “What I Think”
- Fixed penalties and fair trials
- Auto-enrolment: keeping employers on their toes
- Scottish Solicitors' Discipline Tribunal
- Vulnerable accused: a need for knowledge
- Burdens and who can enforce them
- Convener’s final bow
- Public policy highlights
- TCSP review update
- Westminster: answering the call
- Accredited paralegal practice area highlight: family law
- Accredited Paralegal Committee profile
- Nyona named star paralegal
- Ask Ash
- Moving nightmares part 2
- Complaints: seeking consistent practice
- Morally bankrupt?
- For the elderly: how SFE works
- Standing up to challenge