Giulia Dondoli on LinkedIn: Guidance for Liquidators (2024)

The recent announcement of the SRA imposing a near maximum fine for breaching AML rules is a timely reminder of the importance of compliance within the legal sector. While it is commendable to see the regulatory body taking such matters seriously, the size of the fine does raise some questions, particular if you compare the fines imposed on financial services firms. A meagre penalty in such circ*mstances could be interpreted as a lenient approach towards enforcing AML regulations, potentially undermining the credibility of the AML framework.#AML #Compliance #FinancialRegulation

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Check out our latest blog post on streamlining your AML/CFT processes and ensuring compliance; this is a must-read 🔍. Click the link below to learn more: https://lnkd.in/gW3HBdrg #CoreMatter #AML #CFT #LawFirm #Efficiency 💼💻📈

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How is your AML diligence?If it's not up to par, you could be seeing huge fines like the national law firm Ashfords just received.The Solicitors Regulation Authority fined it over £100,000 due to money laundering compliance failures, ignoring evidence from the firm's own investigations.It's all well and good having AML procedures in place, but if you fail to follow them then what good are they? https://bit.ly/487zStx #AML #Compliance #SRA #Sanctions

Imagine being fined £6.5 million for failing basic compliance.That's what happened to ADM Investor Services International, which failed to listen to warnings from the FCA for years to improve its AML systems.It goes without saying that you ignore FCA warnings at your peril, but our advice is simply to not let it get to that stage in the first place. Always put compliance first: https://bit.ly/45yuX3i #FCA #AML #Compliance

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Here is another example of a firm being fined a large amount of money for being in breach of AML rules, which included not having a FWRA in place, nor any policies, controls and procedures. Interestingly in the article it also said that the firm had failed to make staff aware of AML requirements or give them any training in the area. Whilst it is your obligation to make sure you have FWRA and relevant PCP's in place, this illustrates the imporance of providing adequate, relevant training to your staff in AML. It is not enough to have PCP's in place, you must implement the policies firm wide-this includes providing training. crcs legal can help support you and your business in producing your FWRA and PCP's tailored to your business. We can also provide training for your staff. Call us for a no obligation free chat. 03302210511 or e-mail enquires@crcslegal.comhttps://lnkd.in/ekivrYNb

Firms in other areas of financial services not just law could benefit by reflecting on this firm’s apparent slow reaction to a problem that might not of existed just in a silo.Is grasping the nettle and responding key?Policies and procedures, adherence to them and monitoring that they’re being followed really matters#tcb #fsb #ib #training

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AML/KYC Due Diligence failures ! Why do companies keep making the same mistakes.Another company with a substantial fine of £500,000 for admitting due diligence failures.There are so many ways to simplify the necessary onboarding checks and ongoing monitoring checks needed to comply. IDV, Biometric verification, AML, KYC, KYB, unwrapping UBO structures can all seem like complex things to implement, but drop me a DM or email me directly and let me show you how easily Red Flag Alert can streamline all of the above.nathan.lock@redflagalert.comhttps://lnkd.in/gA_8unCX#aml #compliance #idverification #ubo #automation

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The reality is that regulated firms are regulated for a reason: to prevent criminals from benefiting from our economic system, as well as to put a stop to illicit activities that threaten lives and the stability of our country. Keeping up to date with your legal obligations as a regulated firm can be made easier when you start to build in technology to help you and your employees effectively, efficiently manage the AML process. Doing so not only protects your firm from being involved in criminal activities...it also prevents eye-watering fines like this one.https://lnkd.in/eqsr45JF

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Why do we do anti-money laundering checks for new clients?When you become a Starfish client, it’s an exciting time for both of us! We want to get things rolling as soon as possible, but there are a couple of legal processes we have to conduct first. Before we can dive into the good stuff, we have to do anti-money laundering (AML) checks. An AML check is a quick identity assessment that makes sure the business owners and directors are who they say they are, and doesn’t impact on your credit report. Don’t worry! It’s something all accountants have to do for every client they work with. In other words, we don’t do it because we think you’re up to anything dodgy!To find out more read our latest blog post - https://lnkd.in/eaPHdny2#MoneyLaundering #newclients #accountingblog

A quick read for everyone - specific focus in this article on conveyancing firms. Please do not sit and worry whether you have things in order. We are here to help with either reviewing your present AML documents, drafting new documents or undertaking an independent AML audit (which can include CQS requisites). Please contact myself or Anne Austin for a friendly chat 😀

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