• March 19, 2024
 New requirement for an independent AML audit from the regulators

New requirement for an independent AML audit from the regulators

On the 20th January 2021 the LSAG published new Anti-Money Laundering Guidance for the legal sector which states that ‘The practice must conduct an independent audit of the adequacy and effectiveness of its AML policies, controls and procedures’.

Legal Eye offers an audit service to fulfil this requirement. The audit report summarises an evaluation of your AML policies, controls and procedures and set out recommendations regarding the adequacy and effectiveness of the practice’s anti-money laundering and counter-terrorist financing policies, controls, and procedures (PCPs).

The report will identify whether these are adequate and whether they are working as they should. It also sets out any areas of non-compliance, both with the MLR 2017 and with the firm’s policy, identified during the audit.

Please contact us for further information and for a quote.

This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Family Lawyer. The views expressed in this article are those of the submitter and not those of Today’s Family Lawyer.

Legal Eye

http://www.legal-eye.co.uk

Legal Eye works with law firms to ensure compliance and optimise performance.

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.

They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality.

The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals.

 

Key contacts

Paul Saunders
Tel: 0203 0512 049 Email: bestpractice@legal-eye.co.uk

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