- in the category: Regulation
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.
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.
Taking learnings from last year's inaugural AML Certificate process on board, this year's process will run to a different schedule.
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.
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.
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.