Countdown to AML registration deadline for Scotland’s law firms

Law firms in Scotland are urged to complete the new, compulsory anti money laundering (AML) registration process before the deadline next week

With the majority of firms having completed the new process, which follows the introduction of the 2017 anti money laundering regulations (Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017), the countdown is on for remaining firms to submit their AML application by 26 June 2018. Those firms which do not perform work within the scope of the regulations must also declare this by the June deadline.

All applications must be accompanied by disclosure documentation for the firms’ beneficial owners (partners, directors), managers and officers and should be submitted by the firm’s money laundering reporting officer.

Lorna Jack, chief executive of the Law Society of Scotland, said: “We have contacted every law firm in Scotland about the new AML registration requirements and from the responses so far, we know that the vast majority of firms are on track to meet the deadline.

“It’s important that everyone understands the potentially severe consequences of non-compliance - it is an offence which could result in criminal penalties or, for those solicitors who do not register in time, being unable to legally continue to practice. We are urging those who have not yet registered to submit the necessary AML application using the online registration portal on our website or emailing all of the necessary documentation to us in time to meet the 26 June deadline.”