‘How Easy It Is To Be Used By Your Clients And Left Holding The Can’
The Law Society uses a risk-based system when choosing firms for inspection in addition to conducting some random inspections of the 2,200 or so firms of solicitors that are required to file annual accountants’ reports. They expect, and accept nothing less than, 100% documented compliance, including:
- Proper Money Laundering procedures in use
- Written agreements with 3rd parties if using their Client Due Diligence (CDD)
- 100% CDD completed
- Risk assessment documented – Firm & Client
- Annual Compliance Reviews
- Staff training – evidence and declarations
- Copies of any Reports made
Neil Mulcahy, Chartered Certified Accountant overviews this very important, topical and practical area of the law, with which we must be 100% in compliance. While this regulatory Matters CPD topic is mandatory for sole practitioners and compliance partners and/or an anti-money laundering compliance partners, it should be part of all practitioners’ choice of annual CPD.
|Category of CPD:||Regulatory (or Management and/or General)*|
‘(*which you can also use as Management or General CPD if you have already done your mandatory Regulatory and/or Management hours, respectively)’.