“Reforming the supervisory regime will play an important role in achieving an effective AML regime.” #LawSociety president #NickEmmerson

The Law Society has argued for a single supervisor of anti-money laundering (AML) activity for the legal sector in England and Wales.

While it would seem obvious for the Solicitors Regulation Authority (SRA) to be the body to take the role – given the scale of the other regulators – the Law Society did not specify who the single supervisor should be in its response to HM Treasury’s consultation on the future of AML supervision.

Most of the legal professional bodies and regulators – such as the Bar Council, Bar Standards Board and Council for Licensed Conveyancers – have called for a beefed-up version of Office for Professional Body Anti-Money Laundering Supervision (OPBAS), the option which would the least impact on the current regime.

Read more https://www.legalfutures.co.uk/latest-news/law-society-wants-single-aml-supervisor-for-legal-services?