Anti Money Laundering (AML) practices continually evolve, with regulators' expectations becoming increasingly defined. Given the frequent reports of substantial fines, often tied to a percentage of revenue, maintaining stringent AML compliance has never been more crucial for law firms.
During this session, Amy Bell, founder of Teal Compliance and chair of The Law Society’s Money Laundering Taskforce, examined recent developments in AML. She also offered practical guidance on ensuring your firm is 'Regulator Ready'.
This session covered:
• The recent consultation about AML Supervision and whether we will be getting a “super regulator”.
• Changes to the Proceeds of Crime Act.
• The impact of the Economic Crime and Corporate Transparency Act 2023.
• Lessons learned from recent disciplinary cases.