Compliance With The New Money Laundering Regulations
Our guest author Richard Robinson, Managing Director of Legal Compliance Services, reviews the challenges and obligations for Law Firms in complying with the new regulations.
The Money Laundering Regulations 2017 have been in force since 26th June. While the SRA have said that they are taking a proportionate and pragmatic approach as firms take steps to comply with the new requirements, there is no indication of what this means in practice and is likely to be of little comfort if your firm comes under scrutiny.
Most firms will have systems, policies and procedures in place that already go a long way towards complying with the new regulations. There are, however, new obligations that require additions and amendments to your AML regime...
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