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Amendment to the money laundering regulations

Money laundering and terrorist financing (amendment) regulations 2019

 

Introduction

 

On 10th January, 2020 the amendment to the money laundering regulations 2017 came into effect but what has changed and how does this affect law firms?


In this article, we highlight the key changes that we consider will impact on law firms and have removed the irrelevant amendments that should not affect them.


For those clients that are signed up to our Risk and Compliance Management Service, revised AML policies will be issued shortly to reflect the changes.

 

If you are not part of our compliance service and would like to hear more you can contact us on 020 3911 9710, email us info@thestrategicpartner.co.uk or visit our website and make an online enquiry https://www.thestrategicpartner.co.uk/Contact-Us

 

Part of running a compliant law firm is being aware of the changing regulatory requirements and legislation, interpreting impact, implementing updates through policies and communicating these to your staff and as needed your clients. Working with TSP ensures your firm achieves and retains a compliant environment thereby protecting the firms and its regulatory officers such as the COLP,  COFA and MLCO.


To read about the amendments in full, please download our newsletter here: 

The Strategic Partner February 2020 Newsletter

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