LPL have obtained independent Anti-Money Laundering (AML) accreditation, demonstrating its commitment to compliance and maintaining effective risk management policies, procedures, and training.
On the 20th of January 2021, the LSAG published new AML 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
- Training
This audit must take place every two years and be 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.”
Fiaz Khalid, Managing Partner of LPL, added:
“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.”
This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
