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Keep Up to Date with The Financial Sanctions Regime
February 10, 2023

The SRA has recently reminded firms that they must keep up to date with the regularly changing financial sanctions regime. Regulations were amended late last year (2022) to include a ban on providing trust services to those connected with Russia while the regime continues to expand and now includes Haiti.

You can keep up to date by reading the published guidance for firms:

Sanctions Regime Stay Compliant

As well as the requirements of the financial sanctions regime, the guidance explains how it differs from anti-money laundering rules, what to do when providing services under licence and red flags to watch out for if clients are trying to get around the regulations.

Understanding compliance requirements

Risk management and compliance is a requirement for every law firm, and there is no margin for error. A firm that has not developed a robust approach to managing risk and compliance is at risk from investigations by the regulator, fines, and sanctions, alongside increasing insurance premiums.

With such detailed guidance notes released, the SRA is clearly setting out its expectations for firms to take their obligations seriously. How confident are you that your policies and procedures, including AML prevention procedures, are adequately maintained and sufficiently applied, and would they hold up to strengthened scrutiny?

If you believe your firm may be at risk or wish to confirm your firm is achieving the required standard, at The Strategic Partner, we offer a range of solutions.

  • Regulation 21 AML 2017 Independent Audit – Our service provides firms with a completely independent audit and ensures the review is completed and reported on in accordance with the regulatory requirements. The output of which provides the firm with a written gap analysis and solutions to remedy any issues that arise and ensure the firm is compliant; find out more. Training – Our typical AML Training includes:

– AML Training for ALL staff to meet the firm’s obligation to provide annual training.

– 1-2-1 training for the MLRO and MLCO on their obligations and requirements.

– Practical training for those involved in client onboarding to ensure their ID and AML checks are correctly completed. Find out more.

  • File Reviews/Auditing – At TSP, we engage with firms undertaking file reviews where we consider procedure, staff, systems, and files to ensure the procedures are up to the required standard and being implemented at case level with a report of the outcome.

We will work with you to ensure your firm operates in a fully compliant environment and stays there. Through achieving this, the compliance officers in the business can be assured and confident that their obligations are being met, enabling them to focus on other areas of the firm.

Our flagship compliance products are designed to give law firms cost-effective solutions that maintain an ongoing relationship across 12 months and beyond. You can view the two packaged services by clicking the following links and viewing our detailed product brochures:

We can also help with:

Get in touch with our compliance team

We would be pleased to discuss your current approach to regulation and compliance and how our services will assist you in ensuring your firm is protected.

Contact our team today on 0203 911 9710, email us info@thestrategicpartner.co.uk or make an online enquiry to request your transparency fee rules review.

 

View and download the PDF version of this article here. 

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