CLC remind firms about AML guidance
The Council for Licensed Conveyancers (CLC) has reminded practices that they should have now fully implemented the requirements of the Money Laundering Regulations 2017.
Whilst the regulations came into effect last year, the CLC have expressed their concern as to whether all firms have taken the appropriate steps to ensure compliance.
As such, they are urging firms to take immediate action if they have not already done so. As well as helping to tackle crime in the sector, the regulator also states that adhering to the regulations will help to protect the firm on a general level as well as their reputation.
The CLC has also issued guidance for professionals, including Legal Sector Anti-Money Laundering Guidance prepared by the AML Legal Supervisors. As well as the CLC, this is comprised of other legal sector regulators and representative bodies.
A practice note on the regulations has also been prepared.
Commenting on the importance of the guidance and adhering to the regulations was Simon Blandy. The Director of Regulatory Standards at the CLC said: “This is very important guidance for all legal professionals, but is particularly relevant to licensed conveyancers. Our regulated community have a significant role to play in ensuring that their services are not used to further criminal activity and we are confident that, once approved, the guidance will assist licensed conveyancers to meet their obligations.”
The guidance can be accessed here.