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TCSP review update

20 May 19

Firms working in trust or company services provision have been selected to take part in a review of anti-money laundering compliance

Adopting a risk-based approach to anti-money laundering (AML) supervision allows the Society to focus its attention where it will have most benefit and minimise disruption where the risk is low.

Trust or company services provision (TCSP) has been identified by HM Treasury’s 2017 national risk assessment as a high-risk service area, and the Society’s latest AML initiative will provide a better understanding of TCSP in the legal sector. Thirty firms have been selected and contacted to take part in the first stage of the thematic review, which is an online questionnaire.

AML auditor at the Society, Alex White, is leading the review. He said: “With a clearer picture of how legal firms are carrying out TCSP and who their clients are, we will be in a stronger position to regulate, supervise and help protect firms working in this high risk area. 

“This is a new process for our members and we appreciate their support and cooperation in this important initiative.” 

Firms who carry out TCSP work can find a range of information and support on the Society’s website.

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