The Law Society have reinforced the need to move away from ‘box ticking’ risk assessments and to truly understand the clients and matters a firm is dealing with through a full risk assessment. Firms must go one stage further [...]
When the SRA virtually visited firms to check on their money laundering systems, over 10% of firms were not compliant and referred for investigation. Would yours pass? The SRA has several ways of engaging with firms to check that [...]
In this article, we seek to provide firms with an insight into how they can manage or adopt their file review/auditing strategy. Additionally, how firms can effectively direct resource and, importantly, review what is important with a significant diversion of supervisors’ time and meets the requirements of the regulator and Insurers.
In the latest issue of “The Compliance Partner” our compliance and regulation newsletter, we look at some of the most recent events regarding risk, regulation and compliance affecting the legal industry.
The Solicitors Regulation Authority (SRA) uses continuing competence and compliance to ensure solicitors can do their jobs to the standard expected of them. Continuing competence focuses on: identifying and reviewing your learning needs undertaking learning to meet your needs [...]
Partners Insight - July 2021 Newsletter Whilst the recent announcement coming from the Government is a more positive step towards moving out of Covid-19 restrictions, and we have seen a gradual return to the offices, firms will need to remain [...]
In news published by the Law Society Gazette this week (23rd June 2021), it highlighted details published by The Solicitors Regulation Authority of fines issued to six firms which took more than a year to comply with new AML [...]
Introduction Auditing has long been a requirement of law firms, and although necessary as part of the AML regulations and quality standards such as Lexcel, CQS and SQM, it is too often the case that firms struggle to keep [...]
There is no doubt that the continued drive to ensure your firm is complying with the various regulations and being able to demonstrate understanding and implementation of those obligations have stepped up a gear more recently. The SRA have been [...]