The new register of overseas entities (ROE), created under the Economic Crime (Transparency and Enforcement) Act 2022, came into force on 1 August 2022. The ROE requires anonymous foreign owners of UK property to reveal their identities and register with Companies House. Under these new rules, overseas entities have until 31 January 2023 to complete the registration with Companies House, informing the government of who their registrable beneficial owners or managing officers are. The ROE has been introduced to make it harder for foreign criminals to launder money through UK property.
Further guidance has recently been published of how to add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas Entities. This will allow it to buy and sell land or property in the UK. You can read it here:
How confident are you about compliance?
The Strategic Partner is a law firm knowledge hub. We work with both law firms and professional indemnity insurers, advising and guiding on risk management techniques to assist and reduce instances of errors or regulatory breaches.
If you believe your firm may be at risk or wish to confirm your firm is achieving the required standard, at The Strategic Partner, we offer a range of solutions.
- Regulation 21 AML 2017 Independent Audit – A review of the firm’s approach to regulation and compliance to include AML procedures with the audit meeting the requirements of Regulation 21of the AML 2017. The output of which provides the firm with a written gap analysis and solutions to remedy any issues that rise and ensure the firm is compliant, find out more
- Training – Our typical AML Trainingincludes:
- AML Trainingfor ALL staff to meet the firm’s obligation to provide annual training.
- 1-2-1 training for the MLRO and MLCO on their obligations and requirements.
- Practical training for those involved in client onboarding to ensure their ID and AML checks are correctly completed.
- File Revies/Auditing– At TSP we engage with firms undertaking files reviews where we consider procedure, staff, systems and files to ensure the procedures are up to the required standard and being implemented at case level with a report of the outcome
Our packaged risk and compliance solutions provide guidance and support to firms on a range of topics and include: –
- Our Risk, Regulation and Compliance Service (including AML),provides firms with the necessary Policies Control and Procedures (PCP’s) – that are in line with CQS requirements and the standard of the relevant quality mark – alongside training, supervision structure, an annual independent assessment and reporting. This solution ensures firms, and their staff are compliant and remain there. It also clarifies what to do in the event of a mistake and/or a breach occurs.
- Our extended service, Risk, Compliance, AML Guidance and Register Administration, provides an outsource solution for firms where The Strategic Partner not only manages and maintains the risk registers and provides guidance to all staff (inc. Partners) we also produce monthly risk and compliance report.
The combination of these two solutions provides a law firm with a robust and cost-effective risk and compliance strategy that ensures staff have access to expert guidance as it is needed.