W Legal provides specialist advice to individuals and businesses about anti-money laundering compliance. A wide range of businesses fall within the scope of the Money Laundering Regulations (known as “the regulated sector”):
- Credit institutions;
- Financial institutions;
- Auditors, insolvency practitioners, external accountants and tax advisers;
- Independent legal professionals;
- Trust or company service providers;
- Estate agents and letting agents;
- High value dealers;
- Art market participants
- Cryptoasset exchange providers; and
- Custodian wallet providers.
Businesses within the regulated sector are required to have policies, procedures and controls in place to mitigate the risk of becoming involved in money laundering or terrorist financing. Failure to comply is an offence and may result in criminal prosecution and / or disciplinary action.
We can provide you with advice and support in relation to this important and complex area by:
- Advising Money Laundering Reporting Officers (MLROs) on complex proceeds of crime queries, including reporting obligations under the Proceeds of Crime Act 2002 and the Terrorism Act 2000;
- Drafting suspicious activity reports (SARs);
- Conducting independent audits;
- Drafting / reviewing and updating policies and procedures;
- Preparing / updating risk assessments; and
- Delivering training.
We will ensure that your AML policies and procedures are tailored to the needs of your organisation.