Anti-money laundering (AML) training plays a pivotal role in ensuring compliance within law firms. It is a topic that often raises questions and prompts discussions on how to enhance training effectiveness. This article explores the importance of robust AML training, suggests methods to enrich training programs, emphasizes ongoing learning, and highlights the role of the Compliance Officer for Legal Practice (COLP) in supervising AML compliance.
- Topic:
- Legal
Anti-money laundering (AML) compliance poses unique challenges for law firms providing both transactional and non-transactional services. In a recent discussion, important considerations were raised regarding regulatory obligations, risk assessments, client due diligence, legal professional privilege, and the need for consistency across the entire firm. This article aims to explore these key points and provide insights to help law firms effectively manage AML compliance in various service areas.
- Topic:
- Legal
Compliance with money laundering regulations requires law firms to stay informed about updates and changes, particularly regarding high-risk third countries. In this article, we emphasize the importance of carefully considering reliable sources and providing evidence in line with regulatory requirements. We discuss recent updates to the list of high-risk third countries and highlight the need for ongoing awareness and due diligence when dealing with high-risk jurisdictions.
- Topic:
- Legal
Staying updated on the latest guidance and challenges in anti-money laundering (AML) compliance is crucial for legal institutions and professionals. In this blog post, we'll summarize important topics discussed in the July 2023 AML Update with Brian Rogers and Helen Rice.
- Topic:
- Legal
According to a poll we carried out during our recent webinar nearly 50% of attendees said they were not aware of everything the Compliance Officer for Legal Practice (COLP) role encompassed when they volunteered for it; 45% said they were not confident that they were carrying out the COLP role effectively now taking into account what we had covered during the webinar!
- Topic:
- Legal
Welcome, fellow legal enthusiasts and law tech aficionados! Today’s blog from Access Legal, delves into the captivating realms of law firm technology and in particular it shines a spotlight on the crucial topic: data privacy.
- Topic:
- Legal
Compliance with the Money Laundering Regulations has remained a top priority for the government and regulators, with HM Revenue & Customs taking action against many estate agents for basic compliance breaches, and the Solicitors Regulation Authority (SRA) taking action against a number of law firms and solicitors for AML related breaches, for example:
- Topic:
- Legal
Section five is the largest chapter within the Standards, and quite rightly so when you consider it covers risk management, which in effect impacts on all other parts of the Standards through the requirement for firms to have a compliance plan and risk register.
- Topic:
- Legal
Business continuity and resilience are essential considerations for all businesses, but particularly for UK conveyancers, who must ensure that they are able to continue operating in the face of potential risks and disruptions. In order to meet the requirements of the CQS Core Practice Management Standards, as well as follow the Law Society's guidance on key areas of risk, conveyancers must have a robust business continuity plan in place.
In this sector of the paper, we will explore the importance of business continuity planning and resilience for UK conveyancers, and provide practical guidance on how to develop and implement a plan that meets the requirements of the CQS and the Law Society.
- Topic:
- Legal
When working in such a high pressured and fast paced area as conveyancing, it can be easy to relegate learning and development to the bottom of the priority list. Whilst this may allow more time to focus on the job at hand, in the longer term it may prove to be a short sighted tactic with shortfalls in staff knowledge and competence leaving the firm open to a whole host of unwelcome outcomes, such as complaints, claims, increased PII premiums, regulatory focus, a failure to meet the requirements of the CQS Scheme and loss of membership on lender panels. It is also likely to impact staff retention rates as a failure to invest in an individual’s development often leads to dissatisfaction and disillusionment within their job role.
- Topic:
- Legal
