AML and economic crime supervision

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) identify professional bodies with responsibilities for anti-money laundering (AML) supervision. The Law Society is the named supervisor for solicitors and law firms in England and Wales.

The Law Society delegates regulatory activities to the Solicitors Regulation Authority (SRA), which means the SRA is responsible for ensuring the solicitors and firms it supervises comply with the MLR 2017.

Practice Note: Money Laundering Regulations 2017—enforcement, offences and penalties—law firms provides a summary of the specific offences, penalties and enforcement provisions contained in the MLR 2017 that are relevant to firms in the regulated sector for the purposes of MLR 2017, and includes a short section on SRA enforcement. This Practice Note expands on the SRA’s approach to AML supervision.

The SRA has a variety of regulatory obligations in relation to AML, which it discharges via a diverse range of activities—see Practice Note:

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