AML Compliance Archives - The Strategic Partner

The Trust Registration Deadline is Fast Approaching

The Law The Money Laundering and Terrorist Financing Regulations 2017 and the amendment in 2022 require certain Trusts (see below) to be registered by 1.9.22 and newly created Trusts to be registered in accordance with the new rules. It is [...]

Personal penalties for AML Rule breaches – Be aware and take action to comply.

A recent notice published by the Solicitors Regulation Authority stated that a former manager and partner of a large London law firm has been personally sanctioned for his part in anti-money laundering failings. In total, he was fined £17,500 plus [...]

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How does the need for ongoing AML regulatory compliance impact acceptance of cryptocurrency?

Since the launch of Bitcoin in 2009, the world of cryptocurrency has grown immensely. It is a new and innovative way of addressing the world’s economic needs and has led to some great advancements in financial infrastructure. The ongoing question, [...]

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A More Risk Based and Proportionate Approach to AML

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 [...]

Anti money laundering: What the SRA learnt from law firm visits

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 [...]

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Establishing Effective File Reviews and Audits

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.

The Compliance Partner August 2021

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.

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Continuing Competence and Ensuring Compliance

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

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 [...]

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SRA Announces Fines for Regulatory Breaches

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 [...]

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