In Industry Insights, Industry Insights

What is it?

Money-laundering appears as a risk again this year, and this is no surprise as there is always a risk that those who wish to launder money will target the legal sector because of the perceived legitimacy it offers to criminal activities.  

Why is it important?

As we have AML supervisory responsibilities, we are required to monitor AML compliance as part of our wider risk assessment.

What does the COLP/COFA need to be mindful of?

  • Use a risk-based approach to AML – assess the risk that relates to individual clients, the type of legal services offered, the method of service delivery and jurisdiction.  
  • Review AML policies regularly to ensure they are up to date, relevant and fit for purpose.
  • Monitor staff training in AML, including finance staff.
  • Do not provide client account details on website or in client care letters, only after due diligence has been completed.  

By Lisa Charles

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