UK: THEMATIC REVIEW OF LAW FIRMS’ AML GUIDANCE

On 24 November, Legal Futures reported that the Solicitors Regulation Authority (SRA) identified authority, independence and resources as the key pillars of the roles of money laundering compliance officer (MLCO) and reporting officer (MLRO) – while most it talked to were generally fulfilling the first 2, the third was the biggest challenge.  It is proposed that MLRO and MLCO workloads be reduced and that firms should consider appointing deputies.

https://www.legalfutures.co.uk/latest-news/reduce-aml-officers-billable-targets-regulator-tells-firms

The SRA report is at –

https://www.sra.org.uk/sra/how-we-work/reports/money-laundering-governance-three-pillars-of-success/

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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