Once a firm is registered with CARA as conducting ‘relevant financial business’ and therefore subject to AML/CFT/CPF supervision and monitoring, an AML Return must be completed annually.
The AML Return is a new supervisory tool to help CARA assess inherent money laundering, terrorism financing and proliferation financing risks both within individual supervised firms and across the legal sector. The results of our analysis also inform our risk-based approach to AML/CFT/CPF supervision. The AML Return is a questionnaire about firms’ ‘relevant financial business’ – the legal services offered, types of clients, nature of transactions, relevant jurisdictions and the way in which firms deliver their services.
The relevant reporting period is 1 January 2020 to 31 December 2020.
The AML Return must be completed electronically online and will be accessible on our website in January 2021.
We recommend downloading a copy of the AML Return first to ensure you have all the information you need before starting to complete it online. A copy will be made available to download here.
All registered firms must complete and submit their AML Return on or before 31 March 2021.