Law Society looks at AML risk assessments
The AML (anti-money-laundering) unit of the Law Society’s Regulation Department is carrying out a thematic review of business-risk assessments.
The Law Society is the competent authority to monitor compliance with AML in the solicitors’ profession.
Thematic reviews are reviews conducted on supervisory topics to analyse compliance levels and identify trends that can assist in the provision of guidance.
All law firms have received or will receive formal notification of the review and will have until 30 September to submit an up-to-date business-risk assessment for the firm to the Law Society for review.
A report outlining the key findings will be issued after the review.