Should you carry out an internal or external AML audit?

Should you carry out an internal or external AML audit?

All UK law firms subject to the Money Laundering Regulations are required to establish an independent audit function to examine, evaluate and make recommendations regarding the adequacy and effectiveness of their practice’s anti-money laundering and counter-terrorist financing policies, controls, and procedures. This can be carried out via an internal or an external auditor.

According to the Money Laundering Regulations, an AML audit for law firms does not need to be conducted by an external auditor; however, over 50% of firms do choose this method. When one additionally considers LSAG guidance, conducting an external audit makes a lot of sense. LSAG guidance stresses: 

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A Guide To Money Laundering Compliance In Suriname

A Guide To Money Laundering Compliance In Suriname

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Suriname, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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A Guide To Money Laundering Compliance In Peru

A Guide To Money Laundering Compliance In Peru

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Peru, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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Why independent AML audits matter

Why independent AML audits matter

The SRA requires UK law firms subject to the Money Laundering Regulations to carry out independent AML audits on a regular basis. In this blog post we’ll explain what an independent AML audit is and why they are important.

What is an independent AML audit?

An independent AML audit is an examination of a firm’s anti-money laundering systems. It is not a financial audit, but rather a test carried out by an impartial body to assess whether a firm’s AML and anti-terrorist financing policies, controls and procedures are up to date, comply with regulations, and are functioning correctly. It can be seen as one of the components of an effective anti-money laundering program.

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A Guide To Money Laundering Compliance In Panama

A Guide To Money Laundering Compliance In Panama

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Panama, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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New Guide: Proliferation Financing | Free Download

New Guide: Proliferation Financing | Free Download

On 1 September, a series of amendments to the UK Money Laundering Regulations 2017 came into force. These include an obligation for regulated entities to identify, assess and mitigate the risk of proliferation financing (PF). Regulated entities have the flexibility to create a new risk assessment on PF, or to incorporate proliferation financing into their existing money laundering and terrorist financing risk assessments.

The Treasury will conduct a national risk assessment in relation to proliferation financing, and regulated persons will also be required to take appropriate steps to identify and assess the risks to which their business is subject.

VinciWorks have published a new guide covering the basics of proliferation financing, how PF occurs, key PF risks in the UK, red flags and more.

Download proliferation financing guide

A Guide To Money Laundering Compliance In Honduras

A Guide To Money Laundering Compliance In Honduras

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Honduras, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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A Guide To Money Laundering Compliance In Guatemala

A Guide To Money Laundering Compliance In Guatemala

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in Guatemala, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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A Guide To Money Laundering Compliance In El Salvador

A Guide To Money Laundering Compliance In El Salvador

The key challenges of AML compliance in Latin America and the Caribbean

Whether conducting risk assessments or reviewing client due diligence, it is vital to understand the risks and responsibilities of money laundering challenges for different jurisdictions.

In this article, VinciWorks considers the key AML challenges and laws in El Salvador, and what organisations should consider when assessing customer, geographic or matter risk.

For more on the key AML risks and challenges in Latin America and the Caribbean, download our free guide to compliance.

Click here to download a free copy.

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What is the Danske Bank money laundering scandal?

What is the Danske Bank money laundering scandal?

How one Danish bank spectacularly failed in AML procedures

What is Danske Bank?

The bank was the largest in Denmark and offered services across the Nordic area. Founded in 1871, the bank has around 5 million customers, with over 210,000 SME clients and at least 2,000 corporate and institutional clients.

In 2007, Danske Bank merged with the Finnish Sampo bank. As a result of the merger, Danske acquired branches in new countries such as Estonia.

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