The Law Society of Scotland’s Anti-money Laundering team has launched a new supervisory attestation process. This new process is set to reach practices which do not fall under the scope of the AML team’s full high risk inspection process.
The new process will see the selected practices provide assurances across the 36 Key Compliance Principles of the Legal Sector Affinity Guidance (LSAG). The principles cover the key AML considerations, evidence of compliance with the new attestation document will be used in any future AML inspections.
The data collected during this attestation process will been almost entirely qualitative and is in addition to the quantitative data collected during the annual AML certificate exercise.
This attestation process is the latest in a number of measures brought in by the Law Society of Scotland to combat the use of legal services for illegitimate means.