AML policy and firm-wide risk assessment for law firms
If your firm does conveyancing, handles client money or assets, helps to create or manage companies or trusts, or gives tax advice, the Money Laundering Regulations apply to that work. In England and Wales most firms are supervised by the Solicitors Regulation Authority. You need a written risk assessment of your practice and written policies, controls and procedures.
Pay securely by card. You answer the questions straight after.
What your documents need to address
Legal services can be used to give a transaction an appearance of legitimacy. Conveyancing, the client account, and company and trust work are the areas most often exploited.
Your documents deal with the points that matter for a firm like yours:
- Which of your practice areas fall within the Regulations
- Use of the client account, and money from or to third parties
- Source of funds in property transactions
- Companies, trusts and complex ownership structures
- Legal professional privilege and the duty to report
Two documents written around your firm
AML policy£99
Your firm's policies, controls and procedures in one document, written around how your firm works.
Firm-wide risk assessment£199
A written assessment of the money laundering and terrorist financing risks your firm faces, based on your sector, clients, services and how you deal with them.
Editable Word files
Yours to adopt, change and keep up to date.
A guidance note
What the documents cover and what to put in place next.
What we ask you
You answer a set of questions about your firm. They include:
- Which areas of law you practise
- How you use your client account
- Whether you act for trusts or clients with complex structures
- Who your Money Laundering Reporting Officer is
- How you check identity and screen for sanctions
- Whether any clients are based overseas or are politically exposed persons
- How you train your people and keep your records
Four steps
- Choose and pay. Pick your documents and pay securely by card.
- Answer the questions. You go straight to them after paying. They take about 20 minutes.
- We write and review. Your documents are written around your answers and read by a person.
- You receive your documents. Within 3 working days, or 6 working hours with express.
A sound starting point, not a guarantee
These documents give you a written policy and risk assessment that reflect your firm today, so you are not starting from nothing. They are a stop-gap until you have something fuller. They don't review your client files, train your staff, reply to your supervisor or audit your firm.