AML Regulation 21 Independent Audit for CLC Practices
Independent AML Audit Services for CLC Regulated Practices.
RACO provides independent AML audit services for CLC regulated practices, helping firms assess the effectiveness of their AML framework, identify compliance gaps and demonstrate a compliant approach to the Money Laundering Regulations 2017.
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Independent AML Audits for CLC Regulated Practices
Regulation 21 of the Money Laundering Regulations 2017 (MLR 2017) requires regulated practices to consider, as part of their risk assessment process, whether an Independent Audit is required.
The Council for Licensed Conveyancers (CLC) has indicated that it expects independent audits to be undertaken by all but micro practices. As a result, whilst not carrying out a Regulation 21 Independent Audit may not strictly amount to a breach of the MLR 2017, it is likely to attract criticism from the CLC.
As an external compliance consultancy independent of the practice, RACO is able to provide a genuinely independent review aligned to Regulation 21 requirements.
Why a Regulation 21 Independent Audit Matters
A Regulation 21 Independent Audit is designed to assess the effectiveness of a practice’s Anti-Money Laundering Policies, Controls and Procedures (PCPs) and how they are applied in practice.
The audit also considers the effectiveness of the firm’s AML governance arrangements, including the role performed by the Money Laundering Reporting Officer (MLRO) and Money Laundering Compliance Officer (MLCO).
Regulation 21 requires independence within the audit process. In many practices, this can make internal audits difficult where staff responsible for maintaining the AML framework are also involved in the review process.
An independent external review helps demonstrate that the practice has taken appropriate steps to assess and monitor the effectiveness of its AML controls.
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Enquiries
Enquire Today
For more information about our compliance services for CLC-regulated practices, you can call or email us via the details below:
0203 985 8550
info@regulationandcomplianceoffice.co.uk
What’s Included?
Our Regulation 21 Independent Audit includes:
Discovery
An initial discovery meeting to scope and agree the approach to the review, including the relevant staff, departments and processes involved.
Review of Policies, Controls & Procedures
A full review of the practice’s AML PCPs against the requirements of the MLR 2017 and Legal Sector Affinity Group (LSAG) guidance.
Registers & Cases Review
Review and analysis of the practice’s High Risk and Suspicious Activity Registers.
Staff & Officer Interviews
Discussions with staff and compliance officers to assess the practical application of AML controls, staff understanding and any knowledge gaps.
File Reviews
Optional file reviews to assess compliance with AML PCP requirements at client and matter level.
Reporting
A formal report detailing findings, analysis, identified gaps, recommendations and proposed solutions, including:
- PCP analysis
- Application analysis
- Trend analysis
- Recommendations
Presentation
Presentation and discussion of the findings with the practice partners or directors.
The audit also includes a review of the overall approach adopted by the practice for compliance with AML regulations.
Pricing
Pricing for the service starts from £3,000 + VAT.
Pricing may be reduced where the practice is already part of other RACO compliance service products.
Why firms choose RACO
Specialist CLC Compliance Expertise
Independent External Review
Practical and Proportionate Solutions
Structured Gap Analysis & Reporting
Ongoing Support Available
Explore Our CLC Compliance Services
For detailed information on our compliance framework services, AML support, risk management solutions and ongoing compliance management for CLC regulated practices, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk