Kingsley Napley is launching a new Anti-Money Laundering (AML) audit service for law firm clients with Colette Best joining its market leading* Legal Services Regulatory team as Director of Anti-Money Laundering to spearhead the new offering.
Colette worked for the Solicitors Regulation Authority (SRA) since 2015 and became their first Director of AML in 2019, setting up and running their AML directorate. Her AML experience dates from 2006, when she led on the implementation of the third money laundering directive in the property services sector. She also had experience of financial services AML before concentrating on the legal services sector.
At Kingsley Napley, Colette will launch the new AML audit service to help SRA regulated clients identify any gaps in their policies and procedures and to recommend any necessary improvements in their compliance programmes. Colette will also be able to provide anti-money laundering and financial crime compliance advice to GCs, Money Laundering Compliance Officers (MLCOs) and Money Laundering Reporting Officers (MLROs) at law firms as part of the team’s existing SRA regulatory advice offering.
Her brief at Kingsley Napley is a new focussed role and reflects the growing importance of AML to the firm’s law firm clients, borne out of complex legislation in this area and the SRA’s increasing scrutiny on AML processes and procedures.
Iain Miller, Head of Kingsley Napley’s Legal Services Regulatory team, comments:
As well as advising on AML issues, Colette will launch a new AML audit service to give firms the assurance that their AML policies, procedures and controls are compliant with money laundering regulations and the SRA’s latest thinking.
We have long advised law firms in relation to their AML obligations, often working closely with colleagues in our Criminal Litigation team. Colette will add to and strengthen Kingsley Napley’s stand-out reputation in this area.”
Colette Best comments:
This is an exciting new chapter for me and I’m looking forward to bringing my knowledge and skills to bear client side.
AML is an area where law firms have professionalised hugely in recent years but also where they can’t afford to stand still. Policies, procedures and training need to be reviewed regularly and firms need to ensure that they have effective controls at a firmwide and client / matter level by carrying out risk-assessments and spot-checks. I look forward to helping firms make sure they’re getting this important area right.
Given the frequency and level of fines being meted out by the SRA for breaches of the AML regime, it is an area where firms cannot afford to be complacent and increasingly, quite rightly, now features on Board and leadership team agendas.”
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