Al O'Neill’s Post

Can AML really be easy? Our MD Richard Simms tells The Institute of Financial Accountants how accountants can make it simpler for their firms. https://lnkd.in/eFaNtxuK

AML for accountants made easy. Sign up for a 14- day free trial and learn how to onboard your clients faster while meeting your compliance obligations: https://hubs.li/Q01P_7Xy0

According to the Law Society, the SRA carried out 177 law firm inspections and 73 desk-based reviews to see if law firms were fully compliant with AML obligations. The AML obligations we operate under can easily become a tick box exercise instead of something we engage with properly on a case by case basis. It is therefore concerning that only 30% of firms inspected were fully compliant. Common AML breaches included: • Lacking or inadequate AML policies and procedures • Non-compliance with firm wide risk assessments • Failure to carry out robust client and/or matter risk assessments • Inadequate identification and verification of clients • Failure to check the source of funds • Poor staff training • Little to no ongoing monitoring of transactions • Not reviewing or updating AML policies on a yearly basis Given HM Treasury is about to instigate a consultation and review of current AML rules there is likely to be more changes next year. It makes sense to explore the Law Society’s (or your own professional body’s) anti-money laundering tools and follow professional body guidance to avoid falling foul of the rules. Here is the link to the Law Society’s information https://bit.ly/3uwDrLe #lawskills #Mondaymusings #antimoneylaundering