Staying updated on the latest guidance and challenges in anti-money laundering (AML) compliance is crucial for legal institutions and professionals. In this blog post, we'll summarize important topics discussed in the July 2023 AML Update with Brian Rogers and Helen Rice.
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- Legal
According to a poll we carried out during our recent webinar nearly 50% of attendees said they were not aware of everything the Compliance Officer for Legal Practice (COLP) role encompassed when they volunteered for it; 45% said they were not confident that they were carrying out the COLP role effectively now taking into account what we had covered during the webinar!
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- Legal
Welcome, fellow legal enthusiasts and law tech aficionados! Today’s blog from Access Legal, delves into the captivating realms of law firm technology and in particular it shines a spotlight on the crucial topic: data privacy.
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- Legal
Compliance with the Money Laundering Regulations has remained a top priority for the government and regulators, with HM Revenue & Customs taking action against many estate agents for basic compliance breaches, and the Solicitors Regulation Authority (SRA) taking action against a number of law firms and solicitors for AML related breaches, for example:
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- Legal
Section five is the largest chapter within the Standards, and quite rightly so when you consider it covers risk management, which in effect impacts on all other parts of the Standards through the requirement for firms to have a compliance plan and risk register.
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- Legal
Business continuity and resilience are essential considerations for all businesses, but particularly for UK conveyancers, who must ensure that they are able to continue operating in the face of potential risks and disruptions. In order to meet the requirements of the CQS Core Practice Management Standards, as well as follow the Law Society's guidance on key areas of risk, conveyancers must have a robust business continuity plan in place.
In this sector of the paper, we will explore the importance of business continuity planning and resilience for UK conveyancers, and provide practical guidance on how to develop and implement a plan that meets the requirements of the CQS and the Law Society.
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- Legal
When working in such a high pressured and fast paced area as conveyancing, it can be easy to relegate learning and development to the bottom of the priority list. Whilst this may allow more time to focus on the job at hand, in the longer term it may prove to be a short sighted tactic with shortfalls in staff knowledge and competence leaving the firm open to a whole host of unwelcome outcomes, such as complaints, claims, increased PII premiums, regulatory focus, a failure to meet the requirements of the CQS Scheme and loss of membership on lender panels. It is also likely to impact staff retention rates as a failure to invest in an individual’s development often leads to dissatisfaction and disillusionment within their job role.
- Topic:
- Legal
In our recent webinar, I discussed a number of key issues with Professor Stephen Mayson, a well known independent legal thought leader and the independent reviewer of legal services regulation.
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- Legal
Conveyancing is an ever growing area of work which constantly evolves in relation to regulatory requirements and applicable legislation, such as Money Laundering Regulations and the UK Sanctions Regime. Our team works with both SRA and CLC Regulated firms, and it has been fascinating over the years identifying the differences between the two.
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- Legal
In our recent webinar we looked at the changes that are being made to the Legal Ombudsman (LeO) Scheme Rules (‘Rules’) from 1 April 2023; we also covered the feedback we had obtained from the LeO in relation to a number of questions we had around the changes.
The LeO has been keen to point out the purpose of the changes, with the Chair of the Office for Legal Complaints saying, “The changes are not about closing doors to customers but about identifying new freedoms and building in the ability to resolve complaints in a proportionate and more efficient way. It is about achieving a more balanced approach and creating a quicker customer experience, whilst retaining the core benefit of accessing independent and fair legal redress.”
- Topic:
- Legal
