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As regulatory frameworks have evolved over the years, law firms have increasingly had to grapple with the challenge of managing Client Due Diligence (CDD) requirements. The introduction of the Money
The Solicitors Regulation Authority (SRA) has long desired more robust punitive capabilities against traditional law firms. They have historically possessed the ability to impose significant fines on Alternative Business Structure
As legal professionals, it is crucial to manage the risks we face daily and learn from our mistakes. The common goal of most professionals is to prevent messes in the
We love an AML audit and really enjoy reviewing law firms’ policies and procedures to see the different approaches they take in respect of AML. Most of all, we find
Regulation 21 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (otherwise known as the Money Laundering Regulations) requires that regulated firms
This is a question I get asked loads of times! In fact, last week I had a client who has a policy of asking for ID for employees, and their
With all that is going on at the moment, its quite likely that you are not aware that the Government has introduced the Economic Crime (Anti-Money Laundering) Levy. This previously
The legal sector is vulnerable to money laundering – and we’re here to help law firms with compliance and training, and make sure you’re fully equipped to ‘stop the baddies’. The credibility of a
On 23 November 2020 the SRA released guidance that may have been missed by many of you. What’s the purpose of the SRA Guidance? The purpose of the guidance was
On 20th January 2021 the Legal Sector Affinity Group (LSAG) finally issued their new draft AML guidance for law firms. Since 2017 LSAG have agreed to issue one sector wide
