AML POLICIES: THE REQUIREMENTS
MOST LAW FIRMS ARE AWARE THAT THEY REQUIRE AN AML POLICY. HOWEVER, THE NEW 2017 REGULATIONS MUST BE REFLECTED ON THE POLICY DOCUMENT. IN ADDITION, THERE IS A FURTHER REQUIREMENT FOR EACH FIRM TO CARRY OUT AND DOCUMENT AN AML RISK ASSESSMENT OF THEIR FIRM.
Our AML policy review and risk assessment service always starts with a review of the Firm's current policies. Simply plugging in an off the shelf document will not have any practical benefits for the firm and lead to 'sitting on a shelf syndrome'. AML policies must reflect the firm and be understood by all the staff to have any practical relevance.