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COLP Alert SRA regulations

COLP ALERT – Update your contact details with SRA or Risk an Investigation.

With the Solicitors Regulation Authority (SRA) using email to communicate more frequently with the regulatory officers and in particular, the COLP, firms are well-advised to check and confirm what email address is being used by the SRA or held in their database. The four areas that required improvement were the following:Sara Gwilliam the SRA money laundering reporting officer said that the key themes of the…

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when should you repeat CDD

When should a Law Firm Repeat Client Due Diligence?

At The Strategic Partner, we are frequently asked how often a firm is required to repeat Client Due Diligence and if there is a time limit imposed.
The four areas that required improvement were the following:Sara Gwilliam the SRA money laundering reporting officer said that the key themes of the…

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Is Your Firm Ready For The SRA AML System Checks?

Recently the SRA have visited 74 firms to check if they had policies and procedures in place for AML checks. The SRA have stated that “Two thirds were told to make changes to the way they work.”

The four areas that required improvement were the following:Sara Gwilliam the SRA money laundering reporting officer said that the key themes of the…

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AML wooden block concept

SRA escalates £200million worth of money laundering suspicious activity to law enforcement authorities

It was reported in March 2021 that the SRA passed on matters of suspicious activity involving more than £200million to the National Crime Agency that occurred in the past year. There were 26 suspicious activity reports made to the National Crime Agency, and 266 matters were escalated to the SRA for review.
Sara Gwilliam the SRA money laundering reporting officer said that the key themes of the…

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Guidance On Compliance Maintenance

The Solicitors Regulation Authority (SRA) have in recent days visited more than 40 firms that have suffered cyberattacks. Their recent post stated “We found 16 firms were using a system for which Windows was about to end support, and 2 use a system not updated since 2014. More than half of firms allowed external data stick to be plugged into their computers.” This clearly demonstrates the need for firms to have measures and systems…

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Remote Working Have You Considered All The Requirements?

As firms start to prepare for the future, we hope, with no restrictions, it is forcing them to consider long term remote working strategies. The SRA has been very clear that remote working is now becoming standard practice and firms need to ensure that the codes of conduct are fully applied to remote workers covering issues such as confidentiality, data protection, health and safety and supervision

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the compliance partner

The Compliance Partner

In the first 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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