The Law Society have reinforced the need to move away from ‘box ticking’ risk assessments and to truly understand the clients and matters a firm is dealing with through a full risk assessment. Firms must go one stage further and document their risk assessment and through processes demonstrating they understand their client, the matter they are dealing with and where necessary the source of funds and source of wealth.

HM Treasury (HMT) is currently examining the overall effectiveness of the UK’s anti-money laundering (AML), regulatory and supervisory regimes and you can read the consultation response from the Law Society of England and Wales in full here.

Central to The Strategic Partner’s risk, compliance and regulation service is risk and risk management support. Furthermore, our focus is to ensure firms adopt a proportionate and workable solution for case-level risk assessments at the commencement of a relationship, during and at the end.

Documenting these assessments is straightforward and requires a process that drives good behaviour into fee earners. This comes as standard in our compliance solutions which not only provide firms with up-to-date policies, controls, and procedures but a process for risk assessments alongside forms and checklists to evidence the assessment is completed. This is reinforced through training and an independent audit which complies with the requirement of the AML regulations.

About The Strategic Partner and Our Services

We recognise that compliance is essential but time-consuming. Our services are designed to provide firms, their COLP, COFA and MLRO with the comfort of knowing, that even in the busiest of times, that you remain compliant and can evidence that you are.

Our focus is to ensure each firm that works with us operates in a fully compliant environment and stays there. Through achieving this the compliance officers in the business can be assured and confident that their obligations are being met enabling them to focus on other areas of the firm.

Our Risk, Regulation and Compliance Service including AML provides firms with a robust approach to Regulations, Compliance and risk management giving the compliance officers peace of mind that the requirements of the regulator are being met on an ongoing basis and can be evidenced. For firms who have an internal team or person allocated to managing regulation and compliance having external expert support will enhance your internal strategies.

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 which include: –

Review – A review of the firm’s approach to regulation and compliance to include AML procedures. The output of which provides the firm with a written gap analysis and solutions to remedy any issues.

Training – to include: –

• AML Training for 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 completed properly.

Auditing – Procedural, 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.

Solutions – Implementation of robust solutions to ensure the firm achieves compliance and then maintains compliance through the provision of ongoing support and assistance: –

Risk Regulation & compliance Service including AML 

Risk Compliance AML Guidance and Administration Service  

Our Expertise

The Strategic Partner provides essential support to law firms. We offer a range of services and consultancy tailored to the Legal sector including guidance and services for regulation and compliance including AML. We have gained a wealth of knowledge and experience in the overall management of law firms and work with them to achieve profitability, stability, and efficiency.

Our goal is to become a valued and respected partner to our member law firms, always providing high-quality services and solutions. If you would like to discuss how your firm approaches AML or if you would like to discuss any of our solutions you can call us on 020 3911 9710, email us info@thestrategicpartner.co.uk visit our website and make an online enquiry.

You can view and download the PDF version of this article here.