“LPL is clearly a firm that takes its obligations around AML very seriously,” said Norman Denton from Legal Eye. “It was an absolute delight to work with a firm that is so clearly committed to establishing and maintaining best practice around its policies, procedures and training on this important aspect of risk management. The accreditation is well deserved.”
On the 20th of January 2021 the LSAG published new Anti-Money Laundering 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 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).
The independent audit report is a summary evaluation of a firm’s AML policies, controls and procedures and outlines recommendations to help develop and strengthen policies and procedures.
“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.” Fiaz Khalid, Managing Partner.
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