Catch up on all the latest anti-money laundering (AML) updates, news and guidance from the Law Society of Scotland's AML team.
Thematic review on Suspicious Activity Reports (SARs)
The second stage of our SARs thematic review has now been completed and our final report will be published soon. Catch up on the initial findings from the first stage of the review, which were published in August 2024, while a specific focus on Defence Against Money Laundering reports (DAMLs) was published in September.
The 2024 AML Certificate portal closed in April and we would like to thank all practices and their MLROs for taking the time to complete it. The team is currently analysing the data and the results will be published later this year.
Our work to reach all practices in scope of the Money Laundering Regulations continues, focusing on compliance with the Legal Sector Affinity Group (LSAG) Guidance Key Compliance Principals. The next tranche of the AML supervisory attestations is currently in the planning stage and will commence soon.
Beneficial owner, manager or officers (BOOMs)
As per the requirement of r.26, we remind practices that it is the responsibility of the MLRO or designated person to ensure that the register of BOOMs is accurate and kept up to date. Further guidance can be found here.
Remember, it is a criminal offence to act as a beneficial owner, officer or manager, or as a sole practitioner of an in-scope practice unit without the approval of your supervisor, the Law Society of Scotland.
Disclaimer
This article is intended for general information purposes only and does not constitute legal advice. For advice specific to your situation, please contact our team at T & M Legis for a consultation with our Legal Experts.
