SOLICITORS are updating their anti-money laundering polices and procedures to fall into line with regulations, a Law Society survey has revealed.
According to the legal body, compliance with money laundering obligations is one of the most significant challenges for solicitors in the UK today.
The new Money Laundering Regulations came into force on December 15 last year. They are aimed at stamping out the abuse of solicitors' professional services by money launderers.
Firms now face the added challenges of creating consistency across a large number of employees and in offices around the world, and representing international clients from countries with low anti-money laundering protection.
They must also make sure they act in accordance with regulations from the Financial Services Authority, as well as the Solicitors Regulation Authority, because of the financial services they often provide.
But the Law Society has found 95% of firms they quizzed updated how they work within six months of the regulations coming in.
The Society ran two training sessions in England and Wales to help firms fall into line. They were attended by more than 1,500 solicitors. Their Practice Advice Service is also taking more than 400 calls a month on anti-money laundering issues.
The Society is now undertaking a monitoring project to assess how effective the training has been in helping solicitors to understand their new obligations and whether the regulations are achieving their stated aims.
The Law Society plans to hold a series of round table sessions with its member firms to see how they are meeting these challenges and what other assistance can be provided.