The regulator's view; anti-money laundering and the CLC

The Today's Conveyancer podcast returns for it's third series with our first episode of 2024. And we're launching with a bang with Sebastian Haller, Deputy Director of Anti-Money Laundering at the Council for Licensed Conveyancers sharing the regulator's views on the challenges conveyancers and property lawyers face when it comes to anti-money laundering (AML) Sebastian shares his own insight and experience as a regulator and provides some useful pointers for firms when it comes to compliance with AML protocols. Sebastian also shares the most common areas of non-compliance he sees daily in his role with the regulator.Whilst he is at pains to point out that many firms are now fully compliant with the regulatory requirements of AML, he still finds firms failing to robustly check their clients and adequately assess the risk posed by the client and/or transaction.  Source of funds and source of wealth, two related but different profiles, remain key areas of non-compliance, as is the practice wide risk assessment (PWRA) which was referred to directly by the Solicitor's Regulation Authority (SRA) Warning Notice in October 2023 and acknowledged here by Sebastian as an issue the CLC regularly identify as an area of weakness in conveyancing practices.  This discussion provides insight into the regulator's approach to dealing with AML in CLC regulated practices, provides reminders for firms regulated by the SRA, and is a must listen for law firm leaders, COLP's, HOLP's, MLRO's and those responsible for AML process in their practice. The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views. Thank you to our podcast sponsors LEAP Legal Software and InfoTrack