- in the category: Regulation
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.
We are asking Scottish law firms to help us better understand the costs of regulatory compliance by completing a short online survey.
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.
Fraser Sinclair, our AML Auditor shares the headlines from our first ever AML Certificate process.
The Scottish Solicitors’ Discipline Tribunal (SSDT) is consulting on the standard of proof which it applies in professional misconduct cases.
SARs Liason Lead at the UK Financial Intelligence Unit (UKFIU), Tony Fitzpatrick, got together with our Head of Anti-money laundering (AML), Graham Mackenzie at our Edinburgh offices to film a free webinar for Law Society of Scotland members.
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.
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.
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.
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.
The Society is consulting on proposed rule changes in advance of the 2019 AGM on 30 May.
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.