Articles
AML – Revised SRA Sectoral Risk AssessmentMarch 21, 2024Just as firms are required to take a risk-based approach to AML best practice, so too must the SRA take a risk-based approach to directing its resources and focusing its efforts most on supervising the firms that are most likely to be used to launder money. The SRA has recently published its latest sectoral risk assessment which sets out information on money laundering, terrorist financing and proliferation financing risk that they consider most relevant for firms they supervise.Read More
Comprehensive AML Risk AssessmentsFebruary 19, 2024The vast majority of solicitors firms in private practice are required not only to conduct a regular AML firmwide risk assessment but also to assess the risks associated with proliferation financing and the sanctions regime as operated by the Office for Financial Sanctions Implementation (“OFSI”). This article looks at those requirements and at the Infolegal three-in-one risk assessment process.Read More
Liability Risks from Helpline AdviceFebruary 12, 2024The extent of a firm’s legal responsibilities concerning helplines and clinic sessions was examined recently in the Court of Appeal case of Carol Miller v Irwin Mitchell LLP. This article looks briefly at that case and at some of its implications.Read More
AML – Fines, Risk Assessments, Sanctions and BreachesJanuary 24, 2024As the SRA continues to monitor and inspect many firms’ AML compliance arrangements, and proceeds apace with the issuing of fines, it has now issued new guidance on the need for Sanctions Risk Assessments. In this article we look at the recent fines handed out by the SRA and at the recent SRA guidance on sanctions risk assessments.Read More
AML Compliance – the continuing challengeDecember 18, 2023As the year draws to a close, there is no escaping the fact that the topic that has proved to be the most problematic over the past 12 months is that of anti-money laundering compliance. Here we look at some of the issues.Read More
Law Firms and the Economic Crime and Corporate Transparency ActDecember 15, 2023The arrival of the long-awaited Economic Crime and Corporate Transparency Act 2023 is designed to allow UK authorities to proactively target organised criminals and others seeking to abuse the UK’s open economy. To what extent do law firms need to be wary of its provisions?Read More
AML – compliance isn’t an optional extraNovember 21, 2023AML is undoubtedly the most important regulatory issue that law firms currently face and the Solicitors Regulation Authority (SRA) has recently made it clear, in particular in relation to Client Matter Risk Assessments, that it will not tolerate firms paying mere lip service to AML requirements. This article looks at CMRAs and at the kind of issues generally that firms need to be addressing.Read More
Avoiding Residual Client BalancesOctober 25, 2023No matter how well managed your practice, and no matter how diligent your accounts staff, it is inevitable that at some point you will acquire a residual client balance that needs to be dealt with. However, how you manage your accounts and how you deal with those residual balances can make life considerably easier for you. Here we look at some of the steps that you can take.Read More
Managing AML Risk AssessmentsOctober 24, 2023SRA issues new warning to solicitor firms that they need to be more thorough in undertaking client/matter risk assessments to ascertain whether there are any money laundering risks posed by their clients and the services that they are seekingRead More
Serious Breaches and the SRA – when to report?September 21, 2023One of the key duties faced by all COLPs and COFAs is the need to make a prompt report to the SRA as to any serious breaches of the terms and conditions of the firm’s authorisation. Unfortunately, the SRA do not provide a clear definition of what constitutes a serious breach. In this article we look at the duty to make a report, what constitutes a serious breach and how and when it needs to be reported.Read More