LPL obtain independent Anti-Money Laundering accreditation demonstrating its commitment to compliance and in maintaining effective risk management policies, procedures, and training.
On the 20th of January 2021 the LSAG published new Anti-Money Laundering Guidance for the legal sector. This stated that ‘The practice must conduct an independent audit of the adequacy and effectiveness of its AML policies, controls and procedures’.
The five main areas include:
- Adequate policies and procedures
- Customer Due Diligence
- Monitoring and Controls
- Disclosure of Suspicious Activities
- Record Keeping
This audit must take place every two years and reviewed annually, as well as an ongoing internal process of monitoring, controls and improvements.
The guidance stipulates the requirement for regulated businesses to have effective policies, procedures, and processes in place to prevent money laundering and counter-terrorist financing policies, controls and procedures (PCPS).
Legal Eye have created a certified programme to assist firms in their adherence to this requirement, providing an independent audit report which serves as a summary evaluation of a firm’s AML policies, controls and procedures and outlines recommendations to help develop and strengthen policies and procedures.
Manchester based, conveyancing centric law firm LPL enlisted the help from the Legal Eye team to conduct an audit to identify and independently assess the firm’s policies, controls and procedures.
We are delighted to report that LPL achieved full accreditation and look forward to recertification in a year’s time.
Paul Saunders, Legal Eye Managing Director said, ‘It is fantastic to see our accreditation helping another firm and team of solicitors who are committed to compliance. In the wake of the LSAG report, we immediately knew that creating an effective programme that fully supports a law firm in maintaining the correct policies, controls and procedures that adhere to the AML regulations was a necessary part of our continued provision of compliance assistance for the industry’
“LPL’s AML Independent Audit, conducted by Legal Eye, including certification demonstrates our verified commitment to compliance and adhering to the latest guidance. We are delighted to achieve the accreditation with flying colours.” Fiaz Khalid, Managing Partner.