With the deadline to register for the compulsory anti money laundering (AML) just a week away, law firms in Scotland are being encouraged to complete the process prior to the deadline.
Following the implementation of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the new process has already been completed by most firms. However, as the deadline for submitting AML applications is the 26 June 2018, time is running out for those firms that are yet to complete the process. It’s also important that firms that do not work within the scope of the regulations declare this before the 26th.
The Law Society of Scotland also reminds firms that applications must be accompanied by disclosure documentation for the firms’ beneficial owners, managers and officers, and should be submitted by the firm’s money laundering reporting officer.
Lorna Jack, chief executive of the Law Society of Scotland, said: “We have contacted every law firm in Scotland about the new AML registration requirements and from the responses so far, we know that the vast majority of firms are on track to meet the deadline.
“It’s important that everyone understands the potentially severe consequences of non-compliance – it is an offence which could result in criminal penalties or, for those solicitors who do not register in time, being unable to legally continue to practice. We are urging those who have not yet registered to submit the necessary AML application using the online registration portal on our website or emailing all of the necessary documentation to us in time to meet the 26 June deadline.”
