Compliance with money laundering obligations is one of the greatest challenges for solicitors in the UK today.
Commencing the 26th June 2017 the new 4th EU Money Laundering Directive will be transposed into UK Law – the Money laundering Regulations 2017. The legislation places more onus on regulated firms to implement a risk-based approach to their AML systems & controls; on-boarding of new clients; and ongoing monitoring. The requirements are an enhancement to existing legislation, as such, it will be a criminal offence not to be able to demonstrate that you have a risk-based approach to anti-money laundering controls.
In addition to the new legislation, the UK government will be closing the loopholes used by criminals. A new body, the Office for Professional Body Anti-Money laundering Supervision (OPBAS), that will sit within the the Financial conduct Authority (FCA) will be in place as of 2018. It introduce new, stricter money laundering regulations that will ensure that the UK meets the latest global standards. Its aim is to iron out the inconsistencies between all the regulators that govern anti-money laundering efforts and other measures tacking financial crime.
This will ensure that the HMRC, the FCA and the Gambling Commission and 22 further accountancy and legal bodies the supervise and issue rules to fight money laundering across various sectors will be unified to the higher standard of the FCA. The uptick in the regulatory requirements will have huge implications to regulated firms, and will require them to have robust systems & controls in place to demonstrate they are trying to mitigate financial crime.
We offer firms support for increased anti-money laundering requirements.
Our services include:
- Corporate Governance
- AML Terms of Reference
- AML Risk Assessment
- Review policies and procedures (provide relevant enhancements where required)
- Conduct AML / CTF reviews
- Provide remediation services
- Provide AML / CTF training (tailored where required)
We can undertake reviews of your AML policy, processes and approach to provide you with an evaluation and recommendations for development.