AML breach reporting form updated

The Law Society of Scotland’s anti-money laundering (AML) team has released an updated breach reporting form.

The form should be used by practices to report to the AML team any serious breaches of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

Types of breaches can include:

• intentional or wilfully negligent breaches of legal requirements in relation to applicable AML legislation or regulation.
• repeated unintentional or repeated accidental breaches of legal requirements in relation to applicable AML legislation or regulation.
• systemic breaches associated with a failure of AML-related policies, controls, or procedures.
• the facilitation of business activities that bear the hallmarks of money laundering activity (this does not replace the legal requirement to file a suspicious activity report where appropriate).

Members must also report breaches of related legislation for which AML supervisors do not have a direct regulatory responsibility, but is still relevant to a member’s ability to prevent financial crime, for example breaches of Financial Sanctions legislation.

One-off or non-systematic breaches of the regulations that are limited in scope and impact do not need to be reported.

Find out more information here.