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Legal Eye’s AML Document Review provides a focused review of your law firm’s anti-money laundering documentation, helping to identify gaps, inconsistencies and areas that may require updating.
The service is designed for firms that want assurance over their written AML arrangements without undertaking a full independent AML audit or accreditation process.
Our experienced legal-sector compliance advisers review the agreed documentation against applicable requirements, current regulatory guidance and the firm’s risk profile.
The SRA confirms that Regulation 18 requires an appropriate written firm-wide risk assessment and that client and matter assessments are separate documents with different purposes. Solicitors Regulation Authority
Why AML documentation matters
Firms within the scope of the Money Laundering Regulations must maintain a written firm-wide risk assessment and establish policies, controls and procedures that reflect the risks they have identified.
Firms must also undertake written client and matter risk assessments. These help determine the appropriate level of customer due diligence, ongoing monitoring and risk mitigation required for each client and matter.
An independent document review can help your firm identify gaps or inconsistencies before they become more serious regulatory issues.
What the AML Document Review covers
The scope of the review can be tailored to your firm’s requirements and may include:
- Anti-money laundering policies, controls and procedures
- Mortgage fraud policies and procedures, where relevant
- Source of funds procedures
- Client due diligence procedures
- The Regulation 18 firm-wide risk assessment
- MLR 2017 client and matter risk assessment templates
Following the review, Legal Eye provides a written report identifying any areas of concern, gaps or inconsistencies and setting out recommended corrective actions.
What your firm receives
Following the review, Legal Eye provides a written report identifying any areas of concern, gaps or inconsistencies within the documentation.
The report includes recommended corrective actions to help your firm prioritise improvements and strengthen its written AML arrangements.
Is a document review the same as an independent AML audit?
No. The AML Document Review focuses specifically on your firm’s written AML documentation. It does not provide the broader testing of how policies, controls and procedures operate in practice that would normally form part of an independent AML audit.
Firms requiring a wider assessment of their AML arrangements should consider Legal Eye’s independent AML audit service.
How the AML Document Review works
Specialist insight
“Good documentation is the foundation of AML compliance. Too often, firms only realise there’s a gap when it’s highlighted by a regulator. Our role is to help firms identify and resolve those issues in advance, ensuring their policies are not just in place, but genuinely effective and defensible.” – Paul Saunders, Managing Director, Legal Eye
Reviews are undertaken by members of Legal Eye’s wider team of experienced legal-sector risk and compliance professionals. Our advisers understand the practical and regulatory requirements placed on law firms and provide clear, proportionate recommendations.
Quotes are available on request, and the service can be tailored to suit the size and structure of your firm.
Request an AML Document Review Quote
Frequently Asked Questions
What documents are included in the review?
The scope can be tailored to your firm’s requirements and may include its anti-money laundering policies, controls and procedures, Regulation 18 firm-wide risk assessment, client and matter risk assessment templates, client due diligence procedures, source of funds procedures and, where relevant, mortgage fraud policies and procedures.
Is an AML Document Review the same as an independent AML audit?
No. The AML Document Review focuses specifically on your firm’s written AML documentation. It does not include the broader testing of how policies, controls and procedures operate in practice that would normally form part of an independent AML audit.
Firms requiring a wider assessment of their AML arrangements should consider Legal Eye’s independent AML audit service.
What will my firm receive?
Your firm will receive a written report identifying any areas of concern, gaps or inconsistencies within the documentation. The report will also set out recommended corrective actions to help your firm prioritise improvements and strengthen its written AML arrangements.
How long does the review take?
The review typically takes between half a day and one and a half days, depending on the number and complexity of the documents included within the agreed scope.
How much does the service cost?
The cost depends on the scope of the review and the amount of time required. Legal Eye will confirm the scope and provide your firm with a quotation before the review begins.
Can Legal Eye help us update our documents afterwards?
Yes. If the review identifies documents that require updating or additional work, Legal Eye can provide a separate quotation for the support required.