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AML Spotlight: Regulation 39 - Reliance
AML Risk Manager Dale Trahms examines when it's appropriate to rely on another professional’s client due diligence (CDD), the risks faced in doing so, and why a bank’s CDD is not an ideal solution.
Meet our new Head of AML: Gemma Turnbull
Gemma Turnbull joined the Law Society in January as our new Head of Anti-Money Laundering (AML). In our Q&A, find out more about Gemma, what she thinks is the biggest risk facing the legal profession today and her one piece of advice on AML to all members.
AML Spotlight: Regulation 21 internal controls
Regulation 21 internal controls are the focus of our latest anti-money laundering (AML) blog. AML Risk Manager Dale Trahms discusses the benefits of internal controls, appointing a Money Laundering Compliance Officer (MLCO), independent audits and employee screening.
New Trade Sanctions Enforcement: Implications for Business Compliance
Amiqus discusses the UK’s new sanctions enforcement regime, which gives the Office of Trade Sanctions Implementation (OTSI) the power to issue significant penalties. It highlights the need for businesses to prioritise sanctions screening and comprehensive risk management, including PEPs and adverse media checks, to ensure compliance and avoid fines.
AML Spotlight: Training
For our anti-money laundering (AML) blog series spotlighting key topics, our AML Risk Manager Emma Cairns looks at the requirements and benefits of AML/counter terrorist financing (CTF) training.
AML Spotlight: Holistic customer due diligence
For our anti-money laundering (AML) blog series spotlighting key topics and concerns, our AML Risk Manager Jenni Rodgers looks at holistic customer due diligence: what it is, why it's important and the steps and risk factors to consider.
AML Spotlight: Human trafficking
For our anti-money laundering (AML) blog series spotlighting key topics and concerns, our AML Risk Manager Jenni Rodgers looks at human trafficking, how to spot the red flags of it and steps to take to prevent it.
AML Spotlight: Terrorist financing
In the first in our anti-money laundering (AML) blog series spotlighting key topics and concerns, our AML Risk Manager Dale Trahms examines terrorist financing, how it impacts the legal sector and how to combat it.
Journal editorial September 2023
Perceptions are said to be important in considering whether conflicts of interest exist in regulation of the legal profession, but these differ widely in submissions on the bill
LSAG anti-money laundering guidance update: employee screening process
Our Member Benefit partner Amiqus explains the Legal Sector Affinity Group's latest anti-money laundering guidance update.
Journal editorial June 2023
The flaws coming to light in the Regulation of Legal Services (Scotland) Bill suggest that those in charge of it have not fully grasped how the profession currently operates and is regulated
Getting the most out of our new AML templates
Our anti-money laundering (AML) team has recently refreshed its AML Policies, Controls and Procedures (PCP) and Client and Matter Level Risk Assessment (CMLRA) templates to help practices better comply with their AML obligations. AML Risk Manager Dale Trahms explains how to make the most of the new templates.
Journal editorial May 2023
For different reasons, the bills on regulation of legal services and on justice reform could each result in a trial of strength between the Society and the Scottish Government
Journal editorial January 2023
The decision on the future of legal services regulation places considerable trust in professional bodies; they should embrace the challenge
AML and geographical risk
Our AML risk manager Jenni Rodgers looks at geography when considering anti-money laundering risk and the potential need for enhanced due diligence. In her blog she sets out some of the questions to ask when considering risks that may be associated with a jurisdiction.
Chinese underground banking – Money laundering risks, and potential exploitation of legal services by organised crime
We recently published an updated Scottish sectoral AML risk assessment, which included information on clients and business matters with links to higher risk jurisdictions, which currently include China.
Journal editorial November 2021
The political choice regarding legal services regulation may ultimately be one of priorities relating to independence and the profession
Terminating training contracts: myth v reality
What happens in the rare occurrences when traineeships go wrong and employers or trainees seek to end the training contract early? Our Head of Education Rob Marrs explains what's involved in the process, why it might (and might not) happen and dispels some common myths.
Making the most of price transparency
Council member and convener of the Society's Professional Practice Committee, Austin Lafferty writes about the recent introduction of Price Transparency Guidance for the profession - and how he has found it a useful management tool for his business.
Source of Funds and Source of Wealth: What you need to know
In the third and final blog in our series on the updated AML guidance for the UK legal sector, our Head of AML Graham MacKenzie explores an issue at the heart of effective anti-money laundering control: Source of Funds and Source of Wealth.
AML Legal Professional Privilege: Supporting Decision Making
In the second of our series of blogs on the updated AML guidance for the UK legal sector, Jane Jarman, solicitor, Professor of Law at Nottingham Trent University and contributor to the new guidance, sets out why and how she re-worked the Legal Professional Privilege (LPP) section to be a practical, decision-making framework for lawyers.
New AML Guidance: Where to start
In the first of a series of blogs, Graham MacKenzie, Head of Anti-Money Laundering at the Society, helps to break down the recently released and extensively revised AML Guidance for the UK legal sector, highlighting key changes and what solicitors need to look out for.
Philip Yelland, Executive Director of Regulation, to retire
Executive Director of Regulation, Philip Yelland, will retire at the end of May after 30 years at the Law Society.
Journal editorial January 2020
Independence of the profession, or independence of its regulation? Those stances represent the opponents and supporters of the Roberton review proposals, the subject of renewed debate this month