Anti-Money Laundering
Compliance with the anti-money laundering and terrorist financing regime has become one of the principal risk management concerns for most law firms in recent years. We provide in-house training, training materials for use in your firm, compliance guidance materials and expert publications on this topic.
We also have specialist expertise in the AML regime in Jersey and are able to provide training sessions and guidance materials for that jurisdiction.
The risks to firms are twofold – statutory and regulatory. The statutory provisions are to be found mainly in the Proceeds of Crime Act 2002 and the Terrorism Act 2000, as amended. Both enactments contain general offences that can be committed by any citizens – law firm personnel included – and others that are limited to the regulated sector – ie those subject to the Money Laundering Regulations 2007 (‘MLR’).
The regulatory provisions which are contained in the MLR are also an issue of professional regulation under sub-rule 5.01(b) of the Code of Conduct, which makes compliance with the Regulations one of the management ‘arrangements’ that must be in place.
What do firms have to do to comply with the MLR?
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