Firms always struggle with this. Rachael Eyre asks: how much AML training is enough? How much is too much?
What Is A Regulation 21 Independent Audit And Why Do We Need One?
Carly Fallon discusses the often-overlooked ‘independent audit’ requirement of the Money Laundering Regulations.
It will come as no surprise that Anti-Money Laundering (AML) is a priority area for the SRA. It features time and again in the SRA Risk Outlook, in webinars, guidance and policy updates.
For over two years, the regulator has proactively visited regulated law firms for compliance spot checks, giving them no-where to hide.
And rightly so. The National Crime Agency says that organised crime costs the UK economy over £100 billion each year.
Far too often, we see disciplinary (and occasionally criminal) charges brought against solicitors and law firms with poor AML controls.
News and Guidance
Law Society Updates
- News: Fresh reprieve for retired solicitors’ safety net – SRA kicks SIF closure into the long grass for another year
- Updated guidance: Confidentiality of client information – read this before boasting about client successes in directory submissions
- Gazette: Struck-off junior Matthews free to practise after two-year ordeal – ‘briefcase on a train’ disciplinary case dropped by SRA following outcry from the profession
- Gazette: SRA starts visiting firms named as acting for Russians
- Legal Futures: Number of SRA investigations lasting more than a year hits 1,000
Regulation 21 audits – 27 April at 12pm
Our live webinar for April will be on Regulation 21 of the Money Laundering Regulations (see Carly’s blog, above).
It’s a hot topic because it is catching firms out, and with the SRA increasing the number of AML ‘spot checks’ they are doing, we thought it would be useful to take a deeper dive.
The session will cover:
a. what does employee screening involve?
b. what is a Regulation 21 independent audit?
c. how to conduct the audit?
d. who should conduct the audit?
e. how often does it need to be done?
f. where can you get support from?
And don’t forget, you will have the opportunity to ask your questions live
Who should attend?
Partners, MLROs, MLCOs, COLPs and COFAs.
Spaces are limited, so if you or your team would like to join, please don’t leave it to the last minute. You can register in advance for this webinar.
After registering, you will receive a confirmation email containing information about joining the webinar.
- Lynda Jane Slaughter – non-lawyer COFA fined £9,750 and disqualified for failure to properly account for client money
- Lucy Allen – non-lawyer owner of PI firm fined £18,000 and disqualified for requiring clients to take out ATE insurance through her separate business, on which it received commission
- Mary Carmel Guerin-Warrick – non-lawyer COFA fined £13,500 and disqualified for failing to properly account for client money
- Hausfeld & Co LLP – claims firm rebuked following the 2014 collapse of litigation against British Airways on behalf of thousands of Chinese clients
- Claire Ann Lockhart – conveyancing assistant ‘struck off’ (section 43 Order) for backdating documents to cover up a mistake
- Donna Prested – fined £18,000 for failing to adequately carry out her COLP role
- Tom Clarke – section 43 Order for non-lawyer who dishonestly withheld cash payments from the client account
- Nicholas Peacock – fined £1,700 for client account irregularities flagged by the firm’s reporting accountants