AML annual supervisory report 2023
The Law Society of Scotland has published its annual anti-money laundering (AML) supervisory report, highlighting the breadth and depth of its AML work undertaken in the public interest.
The report, covering April 2022 to April 2023, shows how the Society has fulfilled its commitment to modern, effective regulation and discharging its supervisory obligations under the Money Laundering Regulations 2019, alongside key stats on the regulated population.
This includes:
- the risk profile and inherent AML risk exposure of the Scottish legal profession
- continual improvements to the AML Certificate process and first sight of the 2022 results
- our supervisory AML assurance regime, including volumes, results and outcomes of reviews, inspections and disciplinary action
- our use of thematic reviews, attestations and other assurance methods to ensure comprehensive supervision and identify underlying issues
- our response to financial sanctions regimes
- intelligence sharing initiatives
- our suspicious activity reporting
- our work to educate, inform and guide the profession
- our position on supervisory reform, how we continue to improve and develop our supervision, and a look ahead at our plans for 2024.
I believe this report again demonstrates the scope, depth and quality of the AML supervisory work the Society undertakes, and our overarching and ongoing commitment to delivering risk-based, modern and effective regulation across our membership.
We continue to develop our supervisory regime, using an increasing variety of assurance techniques to expand our reach and coverage, and drive effective supervisory outcomes. This includes proactive use of stakeholder partnerships, intelligence and data sharing as appropriate to shape our risk-based approach to the work we do.
The team continues to cover a lot of ground and work exceedingly hard against a backdrop of uncertainty regarding the future of the supervisory regime, of which I’m exceptionally proud. We await a decision being made by the UK government and will work collaboratively with relevant stakeholders to act in accordance with this decision.
AML annual supervisory report 2023
Read our full anti-money laundering (AML) annual supervisory report here, covering the AML work we've undertaken across 2022-2023 and key stats on the regulated population.
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