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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.
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.
Unified approach to cross border AML supervision
A memorandum of understanding to make sure there is a lead regulator for AML supervision where firms have a presence both in Scotland and in England and Wales has been agreed, primarily based on the location of law firms’ registered offices.
Cost of regulatory compliance survey
We are asking Scottish law firms to help us better understand the costs of regulatory compliance by completing a short online survey.
Scottish Government response to Roberton report
The Scottish Government has pledged to consult on possible reforms after recognising the main Roberton recommendation to create a wholly new regulatory body had “polarised” views.
SSDT consultation: standard of proof
The Scottish Solicitors’ Discipline Tribunal (SSDT) is consulting on the standard of proof which it applies in professional misconduct cases.
Law Society criticises SLCC for failing to listen over budget plans
The Society has criticised the SLCC for failing to listen to concerns over its plans to impose a third consecutive above-inflation rise in its budget and levy, and has highlighted the need for improved oversight of the organisation.
New rules provide greater clarity for Scottish solicitors
Changes to Law Society of Scotland Practice Rules will provide Scottish solicitors with greater clarity on what is expected of them in their interactions with the Society and their duty to comply with the 2017 Anti-Money Laundering Regulations.
Proposed SLCC budget risks increased costs for consumers
We have criticised the Scottish Legal Complaints Commission's plans for a third consecutive above-inflation levy on solicitors which risks rising costs for legal services consumers.
Minimising risks in a high risk area
The legal sector’s provision of Trust or Company services as an inherently high risk area of business and one which will provide the focus for our next phase of AML supervisory activity.
Consultation on proposed practice rule changes
The Society is consulting on proposed rule changes in advance of the 2019 AGM on 30 May.
AML Certificate, where are we now?
The AML landscape is changing and coming under ever growing scrutiny at national and international level. As the AML supervisor for law firms across Scotland it is vital that the Law Society of Scotland continues to deliver a robust regulatory regime which benefits both our members and members of the public.
Law Society of Scotland launches reporting concerns line
Individuals with concerns that members of the legal community are involved with financial improprieties or money laundering, can now anonymously report their concerns to the professional body for Scottish solicitors.
SLCC budget rise risks higher costs for consumers
The proposed budget, which includes a 9.2% rise in income funded by a levy on solicitors and advocates, comes on the back of a series of double digit percentage rises over recent years.
Former Citizens Advice director set to lead Society's regulatory work
Craig Cathcart, senior lecturer at Queen Margaret University’s Business School, has been appointed convener of the Law Society’s Regulatory Committee.