AML Compliance Archives - The Strategic Partner

SRA Fines National Firm Over £100,000 For AML Compliance Failures

1. Introduction: National Law Firm Fined for Failing to Comply with AML Regulations A large national law firm has been fined over £100,000 plus £1,350 in investigation costs by the Solicitors Regulation Authority for failing to comply with anti-money laundering [...]

SRA Contemplates Automatic Fines for Money-Laundering Regulation Failures

1. Introduction The Law Society Gazette recently published a notice suggesting that the SRA might extend automatic fixed penalties to anti-money laundering (AML) regulation breaches. Currently, firms can be fined fixed amounts for not cooperating with document requests or failing [...]

Learning from a Recent Case: AML Breach by Leading City Law Firm

1. Introduction A leading firm is to face the Solicitors Disciplinary Tribunal (SDT) as a result of allegations of breaching money laundering regulations. 2. Clyde & Co. at the Solicitors Disciplinary Tribunal It is the second time that leading city [...]

Understanding the Updated Sectoral Risk Assessment: Safeguarding Law Firms Against Money Laundering and Terrorist Financing

1. Introduction The Solicitors Regulation Authority (SRA) has recently produced an updated Sectoral Risk Assessment (SRA) on Anti-money laundering (AML) and terrorist financing (24th July 2023). This comprehensive assessment is a critical resource for law firms, providing essential insights into [...]

Learning from a Recent Case: Why Robust Risk and Compliance Procedures Are Crucial

1. Introduction Recent developments in financial crime have highlighted the critical role of robust money laundering processes and procedures for law firms. For instance, a case involving Narinder Kaur, who amassed half a million pounds through an extensive shoplifting operation [...]

The Importance of Source of Funds Enquiries: Understanding Your Obligations

Source of funds refers to the origin of the money involved in a transaction and law firms must prioritise AML compliance.

SRA Fines Firm Employee for Breaching Internal AML Policies, Controls, and Procedures

A law firm employee has been individually fined by The Solicitors Regulation Authority (SRA) for breaching AML regulations.

Firms urged to take notice of upcoming changes to anti-money laundering regulations

1. Introduction In line with the 2022 Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations, firms must ensure they are aware of upcoming changes that will impose further compliance requirements on those businesses subject to the MLRs from 1 April [...]

Firm fined £20,000 for AML Breaches

1. Introduction In the largest penalty handed out since the regulator increased its fining powers last year, an Oxfordshire Law firm has been fined £20,000. The Solicitors Regulation Authority (SRA) imposed a record £20,000 fine for anti-money laundering (AML) compliance breaches, including [...]

Lack Of An Independent Audit Is The Top Area Of Concern For Law Firms

1. Introduction The Solicitors Regulation Authority has been extremely vocal about their role as an AML supervisor, frequently stressing the importance for firms to take their obligations seriously. In the regulator's last released findings - Anti Money Laundering annual report 2021-22 [...]

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

AML Compliance

May We Suggest?