Updated AML Supervisory Annual Report
The AML Supervisory Annual Report 2022 highlights work the Law Society has undertaken between April 2021 and April 2022 in fulfilling its supervisory obligations, in line with the requirements of the Money Laundering Regulations 2019, including the recruitment of new members of the AML team and new supervisory processes and assurance initiatives.
The report contains information relating to:
- The structure and resourcing of our AML team
- Our AML supervision mission statement and objectives
- The annual AML Certificate and our risk-based approach to supervisory assurance
- The AML risk profile of the Scottish legal profession and inherent AML risk exposure
- Our AML supervisory assurance regime – processes, statistics and outcomes
- General observations from the assurance work conducted
- Our supervisory response in relation to the invasion of Ukraine
- Our internal AML training, competency and continuous improvement initiatives
- Our ongoing participation in national AML supervisory forums and intelligence sharing initiatives
- AML breaches and concerns reported to us
- Suspicious activity reporting by the Society to the UK Financial Intelligence Unit
- The work we do on guiding the profession in regard to AML and economic crime issues
- Our AML supervisory plans moving forward
“I believe this report demonstrates the scope, depth and quality of the AML supervisory work the Society continues to undertake, and our overarching and ongoing commitment to delivering risk-based, modern and effective regulation across our membership.
"We have completed a significant body of work since the last annual report – recruiting two additional members to the AML supervisory team, the publication of our revised sectoral risk assessment and rollout of new supervisory processes and assurance initiatives. This has been achieved alongside our response to the illegal invasion of Ukraine and our ongoing risk-based supervisory assurance regime.
"I am extremely proud of the team’s achievements in this space, as we continue to strengthen and evolve our supervisory regime in partnership and co-operation with the profession and other relevant stakeholders”
AML annual report 2022
This year's report highlights the breadth and depth of work we do on AML, helping drive awareness and transparency while demonstrating our commitment to eradicating criminal activities in the interests of the legal profession and society as a whole.
Anti-money laundering
The fight against money laundering and counter terrorist financing - the role of the legal profession.
AML Certificate Results 2021
Law Society set to introduce new AML supervisory attestation process
The AML team is launching a new supervisory attestation process. This will be an ongoing piece of work reaching all practices who may not fall under the scope of our full high-risk AML inspection process.
Additional
