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Anti-Money Laundering

It is essential that law firms have a robust approach to Anti Money Laundering that is in full compliance with the AML regulations and the SRA requirements. Anything short of full compliance puts a firm in breach and at risk not just from money launders using the firm to launder money, but the wider implications of an SRA investigation.

Compliance with the AML regulation is not as straight forward as it may first seem and more importantly the regulations and requirements change and firms must keep pace with all requirements to remain compliant.

Assisting firms nationwide from our offices in London, Birmingham and Middlesborough, The Strategic Partner has developed an approach to Anti Money Laundering that is bespoke to firms, recognises the work they do and the clients they service and delivers a proportionate but compliant strategy.

Anti Money Laundering is included within our packaged services – Risk, Regulation and Compliance service including AML – click here for more information.

Law Firm Compliance

The Service

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.

Is your firm compliant?

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Anti-Money Laundering Service

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.

  • Firm-wide training,

    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.

Get in touch

Contact our Compliance or Consultancy Team

Northern Office  |  Midlands Office  |  Southern Office