AML AUDITS:

THE NEW REQUIREMENTS

 THE MONEY LAUNDERING REGULATIONS 2017 REQUIRE LAW FIRMS TO CARRY OUT AN INDEPENDENT AUDIT IF THEY ARE OF AN APPROPRIATE SIZE AND NATURE.  FOR MANY FIRMS THIS WILL MEAN A CONSIDERATION OF WHETHER TO BE CONSIDERED INDEPENDENT, THE AUDIT FUNCTION NEEDS TO BE DELIVERED BY AN EXTERNAL ORGANISATION.

 

WHETHER THIS INCLUDES YOUR FIRM WILL LARGELY DEPEND ON ITS PROFILE AND THE WORKTYPES DELIVERED.  WE CAN ADVISE YOU OF YOUR OBLIGATIONS. 

CALL US FOR FREE INITIAL ADVICE ON:

0333 987 4320

AML Audits are the logical starting point for any firm looking to ensure compliance with the regulations.  Taking stock of the current position will ensure than policies and training programmes moving forwards will be fit for purpose.

Amy Bell

AML Audits

Our onsite audits include full policy reviews, interviews with staff members including COLP/COFA/MLRO, dip sampling of files and stress testing of procedures.  Full Audit Report includes areas of weakness and proposed remediations. 

Money Laundering Regulations 2017 – Are you compliant?

 

What has changed?

 

Many firms will be very familiar with their obligations under the MLR 2007.  The 2017 Regulations  shift the focus to a more firm-specific, risk based approach. In addition, larger firms will be required to implement new auditing and screening procedures.

 

How do I achieve compliance?

 

1. Risk Assessments

All firms will need to undertake a risk assessment to identify risks of money laundering and terrorist finance specific to the firm and the type of work it undertakes

 

2. Policy review

The firm’s AML policies and procedures will need to tie in with the factors identified in that risk assessment.

 

3. Training

All staff will need to be trained in relation to the new regulations, the firm’s risk assessment and policies and procedures.

 

4. Independent Audit

Firms of a certain size and nature will need to establish an “independent audit function”.

 

 

How Can We Help?

 

Your firm can access free initial guidance from us via our Ask the Compliance Service to establish your precise obligations. 

 

Thereafter we can provide further support via our AML support packages, which will:

 

  • Review existing policies and procedures, including firm and matter risk assessments

  • Rectify policies and procedures where necessary

  • Carry out on site review of systems, policies and procedures

  • Interview staff members to test understanding

  • Provide feedback of observations and recommendations for improvements

  • Develop controls to ensure constant visibility as to compliance

  • Provide tailored in-house training to all staff members to embed learning

  • Provide ongoing support and monitoring

 

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