Regulation 21 Independent Audit – The Detail
The Strategic Partner works with firms of all sizes, from the smaller high street or niche firms through to the large multi-office and multinational firms.
Our service provides firms with a completely independent audit and ensures the review is completed and reported on in accordance with the regulatory requirements.
Our Independent AML Audit includes:-
- Discovery meeting to scope out and agree to the approach and focus of the review.
- Policies have been written to document how the firm complies with the MLRO 2017.
- A review and analysis of the firm’s High Risk and Suspicious Activity Register
- Interviews with staff to consider the practical application of a firm’s AML PCPs and to establish understanding and knowledge.
- Optional file reviews to consider the application of a firm’s AML PCP requirements at case/matter level
- A formal report detailing the information obtained in the review, the current approach adopted by the firm and identifying any gaps with a series of recommendations and solutions
- Presentation of the findings to the partners
- A Directors/Partners Report to evidence the requirement of Regulation 21 of the MLR 2017:-
- PCP Analysis
- Analysis of trends
The regulation 21 independent audit extension will further include a review of the approach adopted by the firm for compliance with AML regulations.
Our goal is to work with the firm to help them build a robust risk management profile that is independently assessed and receives recognition and credibility from the firm’s Professional Indemnity Insurer.
To further bolster a firm’s approach to overall risk control, regulation and compliance, The Strategic Partner has developed two services that can be utilised as part of a fully outsourced solution. Full details of each service can be viewed by clicking the links below, but a summary of each service is as follows:-
• Risk, Regulation and Risk Compliance Services including AML – Our Risk, Regulation and Compliance Service has been designed to provide law firms of all sizes with a compliant environment, using bespoke, documented and implemented procedures that evidences how a firm tackles and manages risk, compliance and regulation. Our experience and focus provide law firms with the required and necessary support and expertise.
• Risk Compliance & AML Guidance and Administration Service – Our Risk, Compliance & AML Guidance and Administration Service provides law firms with a cost-effective solution to outsource the management of the firm’s registers and to provide day-to-day compliance guidance to the staff. It provides law firms and their staff with direct access to a dedicated Compliance Manager, who will provide case-level guidance and accept receipt of notifications, through which they will also manage and update the various compliance registers.
For more information about our Auditing services, you can call us on 0203 911 9710 or you can email us at email@example.com.
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