AML annual supervisory report 2024

The Law Society of Scotland’s annual anti-money laundering (AML) supervisory report is out now, highlighting the range of its AML initiatives between April 2023 and April 2024.

The report details how the Society fulfilled its supervisory obligations under the Money Laundering Regulations 2017, along with key data on regulated firms.

It includes:

• the inherent AML risks and risk profile of the Scottish legal profession
• continual improvements to the AML Certificate process and 2023 results
• the AML assurance process, including volumes, results and outcomes of reviews, inspections and disciplinary action
• thematic reviews, attestations and other assurance methods used to ensure comprehensive supervision and identify underlying issues
• response to financial sanctions regimes
• AML training
• intelligence sharing initiatives
• suspicious activity reporting
• work to educate, inform and guide the profession
• supervisory reform, continuous improvement, and a look ahead to 2025.

Law Society of Scotland Chief Executive Diane McGiffen said: “We are committed to upholding the rule of law and remain resolutely committed to modern, effective AML supervision. Our AML team continues to undertake a range of risk-based, proportionate measures to ensure our members meet the highest legal and ethical standards in this area of practice, and public trust in the profession is upheld.

“The report demonstrates the strength and depth of our AML work, along with a range of effective outcomes, including the robust use of disciplinary action where necessary. I am proud of the work our dedicated AML team undertakes and hope this report is helpful in explaining this in more detail.”