Complying with the anti-money laundering (AML) regulations found in both UK legislation and Law Society of Scotland rules, is to become simpler when a new online system is launched later this month.
Following a tender and an extensive review of the product by specifically chosen solicitors, the new online AML system – which has been endorsed by the Law Society of Scotland – was created by Kirklands Business Solutions Ltd.
While the AML compliance solution, which comprises of cloud-based software as well as specialist training and support in the form of a free telephone support and discussion forum, is aimed at smaller law firms without in-house compliance teams, it will no doubt be attractive to firms of all sizes.
Users will also be given access to a library of legislation, cases and best practice developments.
Commenting on the innovative AML system, Ian Messer, who is the Director of Financial Compliance at the Law Society of Scotland, stated:
“Money laundering compliance represents a challenge for solicitors in Scotland, particularly for smaller firms and sole practitioners.
“We currently offer some assistance to firms meeting AML obligations by providing information and good practice guidance online and through events. We also deal with enquiries from the profession regarding regulatory and practice matters.
“However, day-to-day management of AML compliance can only be handled by the firms themselves, and this product helps them do that by, for instance, setting out a clear compliance process, including ready-made standard documents for completion.”
Also commenting, Graham Gibson, who is the Director of Kirklands Business Solutions stated:
“The Law Society’s brief in their tender document was to provide members with a practical tool with built-in processes and procedures, with accompanying support, designed to assist legal firms complying with AML regulations.
“Needless to say, we are delighted to have been selected to partner with the Society in providing this easy-to-use and low-cost solution, which will help solicitors comply with the AML regulations.
“Being software, rather than paper-based, the framework is better able to cater with the myriad of different AML scenarios that members have to deal with.
“By streamlining the process and guiding staff through every step in a transaction, it is intended to dramatically improve the quality of AML compliance, while reducing cost and effort for those who subscribe…
“…In consultation with the Society and our network of money laundering reporting officers, the framework will be kept under continuous review to ensure it reflects current best practice.
“By participating in this initiative, Scottish legal firms will not only make it easier for them to comply with the AML regulations, they will also boost Scotland’s reputation on the international stage for creating innovative solutions to tricky problems.”
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