Legal Finance News
- Legal Regulatory and Compliance Newsletter
The Spring edition of our Legal Regulatory and Compliance Newsletter is now available.Legal Regulatory and Compliance Newsletter - read more
- Solicitors Accounts Rules 1998 Changes Published
The SRA have published the draft Solicitors' Accounts (Legal Services Act) Amendment Rules [2009] which are effective fr...Solicitors Accounts Rules 1998 Changes Published - read more
Money Laundering Reporting Officer Fined
14 November 2008
The FSA has fined a Money Laundering Reporting Officer £17,500 for failing to ensure that adequate anti-money laundering systems and controls were in place for verifying and recording clients' identities.
This is the first time that the FSA has ever fined an individual MLRO and could set a precedent for other supervisory authorities, such as the Solicitors Regulation Authority, the body with delegated responsibility for ensuring that solicitors in England and Wales comply with the Money Laundering Regulations 2007.
Following the introduction of the Money Laundering Regulations 2007 on 15 December 2007 all firms undertaking regulated activities should have reviewed their existing money laundering procedures to ensure that they are compliant with the requirements of the new regulations.
Of particular importance is the need to adopt a risk based approach towards your customer due diligence procedures, ensure that appropriate steps are taken to identify and then verify the identity of any beneficial owners and ensure that relevant members of staff are trained adequately.
You will find details of our Anti-Money Laundering training courses here or for information on our Anti-Money Laundering consultancy services here.