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Knowledge Centre

Meet RegLab’s Knowledge Centre: the starting point for white papers, customer stories, and blogs. Here you will also find more information about the six most important topics regarding the AML (directive).

100% AML-proof

Below is a number of articles written for legal professionals to prepare your office for the supervisor’s audit. This content is based on supervisors’ FAQs during audits.

As a lawyer, you are expected to identify and verify your clients from the very beginning. Also, you must meet AML requirements. It is your responsibility to question critically and to have a detailed report available on Customer Due Diligence. You should work in accordance with the AML guidelines and lay the foundation for an AML inspection. How do you meet all these requirements without annoying your team and clients?

How do you determine whether a matter is subject to AML?

The first question of the supervisor will be this: 'How do you determine whether a matter is subject to AML? In this article, we will help you correctly phrase your answer to this question.

Can you show me your AML administration?

In this article, we address the supervisor’s next question while auditing a law firm. The question is this: “Can you show me your AML records?”

Does your office have a written risk policy?

Do you have a risk policy, and if so, may I see it? Expect this question during an audit. It turns out in daily practice, providing the correct answer is easier said than done.

Have AML procedures been drawn up?

This article expands on the previous article. How do you put these procedures into practice and what documents should you present during an audit?

Does the office provide AML courses?

Can you indicate whether you and/or other staff are following AML courses? What is the frequency of this and when was the last AML course followed?

How did you give shape to the compliance officer position?

Large firms are generally expected to appoint compliance officers. The firm’s AML risk level also influences whether a compliance officer role should be formally established.

Have you ever reported an unusual transaction?

How will you respond to this question? The AML sets two main obligations: you must identify your clients and you must report any unusual transaction.

Do you include an AML paragraph in the engagement letter?

An important part of the supervisor's audit is the engagement letter. Do you have an engagement letter for each matter? Has an AML paragraph been included?

AML: The most debated topics

Below you will find an overview of topics that have been discussed a lot during the past period.

What is the AML directive?

AML, or Anti Money Laundering, refers to European legislation aimed at combating money laundering. At the European level, this regulation is known as the 5th AML Directive. This article explores what this legislation entails

AML: five FAQ’s

AML is aimed at preventing the use of the financial system for money laundering and terrorist financing. You can find the five most frequently asked questions about this Act in this article.

What does KYC mean?

Clients must be screened before acceptance, primarily through background checks to ensure proper KYC procedures. This article explains the essentials of KYC and the role of Customer Due Diligence in this process.

How does the Sanctions Act matter?

Firms should check whether there are sanctions against clients. Sanctions legislation is complex. On this page, we provide clarity.

What is and how do I screen a PEP?

A PEP is a Politically Exposed Person. Due to their influential position, a higher risk of money laundering, for example, is assumed. 

What is a UBO?

A UBO is an ‘Ultimate Beneficial Owner’. If you are subject to AML, you must screen this person and their ultimate beneficial ownership. Curious about UBO's and your obligations in this regard?

What is a pseudo-UBO?

If no one within the organisation holds more than 25% of the interest or control, a pseudo-UBO is appointed. Interested in learning about pseudo-UBOs?

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AML: Biggest challenges

Below is an overview of issues that stand out for our compliance officer. What exactly are the biggest challenges and where is there room for improvement? You can read it in the articles below.

How do I set up the AML process?

Discover the essential steps for setting up a successful AML process and learn how to avoid pitfalls.

AML policy update

Changes in AML legislation may affect your policy. We notice that firms find it a challenge to actively work on this. In this blog, we outline the three most common mistakes and give some practical advice.

Required information

To identify natural persons and legal entities, you request various documents. This article explains which documents those are according to AML legislation.

AML screening

You not only screen clients to see whether they appear on a sanctions list. You also check the lists of high-risk countries. What to screen and what you do if a client is on a list is explained in this article.

AML risk assessment

This article discusses the importance of risk policies and risk profiles. Find out exactly what both mean and how to apply them.

AML risk profile

This article answers the most frequently asked questions about AML risk profiles. How do you decide the risk profile, what do you write down and what type of (follow-up) research do you do? 

Type of client investigation

We find that risk classification is found to be the trickiest. When do you conduct an enhanced or a regular customer due diligence? In this article, we explain.

Mandatory monitoring

You have written a policy and you conduct AML checks during client onboarding. Many firms think they are done at this point. However, one of the most important AML obligations is still to be fulfilled: monitoring regular clients. How do you do that conveniently?

Valuable insights

Make your AML data more useful with reports

From RegLab, create a CSV or Excel file with comprehensive AML analyses. In this article, we explain how this works and the most useful analyses for firms.

Collaboration with other firms

Firms frequently refer work to one another, often because one firm has the specific expertise that the other lacks for a particular matter. Unfortunately, issues with AML compliance obligations can sometimes arise within this collaborative structure.

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Resources

The (very) practical AML guide

— Whitepaper


Updated version! Discover the challenges in AML compliance.

Risk assessment: a tool

— Risk Assessment


Easily assess your client's risk level with the help of this document.

100% AML-proof

— Checklist


Do your AML files meet all regulatory requirements? Don’t take any chances.

AML glossary

— Glossary


Gain instant access to the AML glossary and essential compliance terminology. 

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Atlas Tax Lawyers / Fiscalisten

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Banning Lawyers / Advocaten

'RegLab has enabled us to ensure that many files that were non-compliant are now compliant.'

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