We have updated our AML Supervisory Annual Report building on the interim version published in February 2021.
With a foreword from our CEO, Lorna Jack, the report highlights the work we have undertaken between April 2020 and April 2021 in fulfilling our supervisory obligations as per the requirements of the Money Laundering Regulations 2019.
"This update of our AML Annual Report builds upon the previous version released back in February and provides continued insight into the breadth and depth of AML supervisory activities the Society is involved in. I’m extremely proud of the team and what we do - the report illustrates the AML and wider Law Society team’s commitment to delivering risk-based, effective supervision. We remain sharply focused on achieving our fundamental objective - preventing criminal misuse of the Scottish legal profession to wash illicit proceeds. We will continue to proactively develop our supervisory approach over the next year, starting with the recruitment of further AML expert resource to increase our activity in this space, and implementing changes which will both streamline and enhance the supervisory process – bringing benefits to us and the firms we supervise."
The report contains information relating to the following.
- the work, structure and objectives of our dedicated AML team
- how we discharge our responsibility to conduct risk-based AML supervisory assurance
- AML assurance statistics and outcomes
- general observations from our AML Supervisory Assurance Programme
- our 2020 Thematic Review on Trust and Company Service Provision (TCSP) within the Scottish legal profession
- our AML governance structure
- staff AML training
- cross-sector joint-working collaboration, intelligence and information sharing
- how we promote the reporting of breaches and concerns
- how we fulfil our supervisory responsibilities relating to guiding the profession
- our AML supervisory plans moving forward