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AML Roundup June 2020

It is particularly important in these difficult times, that we maintain a clear focus on our AML measures and requirements and with that in mind, we wanted to bring you a round up of AML news and events.

AML Registration Requirements during the Covid-19 crisis

Due to the Covid-19 crisis, the Disclosure Scotland service is currently only processing applications for people working on sectors deemed vital at this time. HM Treasury are content that, on a temporary basis, firms or new sole practitioners can provide a statutory declaration that the BOOM(s) does not have a relevant criminal conviction as part of the application.

Continued protection of client money during the Covid-19 crisis

Protecting client money held by practice units remains a crucial requirement during these unprecedented times. However, we appreciate that there...

Preventing money laundering during Covid-19

The UK Legal Sector Affinity Group has published an advisory note for legal practitioners to prevent money laundering or terrorist financing going through law firms during the Covid-19 crisis.

Law Society responds to CMA report on legal services in Scotland

The Society responds to the Competition and Markets Authority report on legal services in Scotland

TCSP thematic review report

The legal sector’s provision of Trust or Company services has been identified as an inherently high risk area of business and as such, the area of focus for our first thematic review - the results of which have now been published.

New guidance aims to improve price transparency in legal services

New guidance for Scottish solicitors on publishing pricing aims to help consumers better understand the cost of legal advice and services.

Practice Rule Changes

See our update on Practice Rule changes relating to client communications and firms' client relations managers which come into effect on 1 February 2020

Annual frozen asset review

Every year the Treasury carries out a frozen asset review. All persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person are required to submit a report detailing these assets by Friday 11 October 2019.

AML Roundup September 2019

As the UK and Scottish Governments continue to intensify focus on AML measures and scrutiny of professional body supervisors, we continue to build our capabilities in this area – both to fulfill our responsibilities as a supervisor and to support our members’ compliance. Given that context, there is a huge volume of information and materials available and we have rounded these up for our members.

The AML Certificate period is changing

Taking learnings from last year's inaugural AML Certificate process on board, this year's process will run to a different schedule.

Enhanced AML inspection pilot

Our Head of AML, Graham Mackenzie explains that due to a growing understanding of the inherent risks faced by legal professionals, we are enhancing our Anti-Money Laundering supervision regime.