Anti Money-Laundering
The law relating to Money Laundering is complicated and onerous. The Money Laundering Regulations 2007 place an obligation on law firms to make their principals and staff aware of the anti-money laundering legislation and to provide training in how to recognise and deal with transactions that may involve money laundering. The regulations also require that those working in the Regulated Sector must have systems in place to check the identity of new clients. The consequences of non compliance are very serious.
We have formed a separate company called ML Solutions 4U Ltd which provides solutions to other law firms in terms of anti-money laundering compliance.
Anti-money laundering services
- Anti-money laundering solutions for solicitors.
- Seminars, workshops, health checks and system set-ups.
- Various training packages to assist in complying with the Money Laundering Regulations 2007. These include our dedicated on line training module.
- Electronic on-line identification verification.
- Advising and representing clients on all types of money laundering investigations.
Bill Jones Managing Partner of JMW and Managing Director of ML Solutions 4U Ltd comments:
"Since the introduction of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003 most firms of solicitors have been brought into the Regulated Sector and as a result are caught by the new regulations. Under these solicitors have statutory and regulatory obligations to train their staff on the topic of Money Laundering and they must also have anti- money laundering systems in place and ensure that new clients are subject to satisfactory identification checks. In practice compliance can be very costly and time consuming.
My research has shown that the legal profession as a whole is crying out for the sort of service that we can provide. I believe that on line training whereby staff can log on and off to suit their own timescales and always be kept up to date is the way forward. Similarly the use of modern technology in terms of electronic identification verification is a very efficient and cost effective way of complying with the onerous Money Laundering Regulations.
Our ultimate aim is to roll out this unique and innovative service to all organisations involved in the financial sector such as accountants, banks, building societies and other financial institutions."
If you are in business in the financial sector and would like further information about or anti-money laundering service please call 0845 872 6666 or visit our dedicated website at: www.mlsolutions4u.co.uk
