Anti-Money Laundering – The Details
The Strategic Partners Anti Money Laundering services are aimed at providing firms with a robust process that ensures the firm complies with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and The Money Laundering and Terrorist Financing (Amendment) regulations 2019.
This will include other applicable legislation such as The Proceeds of Crime Act 2002 and The Terrorism Act 2000.
We will work with your firm to ensure it has a full understanding of the requirements of the AML and related legislation, alongside policies and procedures that ensure you manage a compliant environment and sustain it.
Failing to adhere to the AML regulations can and will have severe implications for firms which will attract negative attention from the Solicitors Regulation Authority and other institutions such as your insurer.
The nervousness that the AML creates for firms can often lead to firms implementing procedures and processes that go too far and become cumbersome and difficult to manage on a day to day basis.
We work with firms to introduce an approach to Anti Money Laundering which ensures the firm is compliant but is not tied down with complex documents or processes that the staff find difficult to follow or implement.
We will work with you to bring the firm in line with requirements, including the implementation of:
- An AML Policy that reflects how the firm will manage the application of the requirements
- An AML guide for staff clearly establishing the action they must take for the different clients the firm has and services they provide
- Undertaking a firm-wide risk assessment
- Checklist for deployment in the firm
- A robust reporting structure for suspicious activity or general questions
- Maintenance and management of registers
- Ensuring that the firm works with necessary providers (such as an online AML search) that provides the needed service at the best price
- Training, firm-wide, on the regulations and the firm’s procedures
- Auditing of the application of the firm’s policies
- Reporting to the Partners on the efficiency and application of the policies
- Providing guidance on AML issues as they arise at the firm or case level
The Anti Money Laundering Services provided by The Strategic Partner is designed to provide a measured approach that ensures full compliance in a way that does not disrupt the day to day work of the fee earners and other staff.
We provide both packaged (Regulation and Compliance Service and Compliance Administration) and individual solutions that directly add value to the firms we work with.
For more information about our Anti Money Laundering service, you can call us on 0203 911 9710 or you can email us at email@example.com.
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