Tag: Client Matter Risk Assessment
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SRA Cracks Down on Financial Crime: Whiteheads Case Study
The Solicitors Regulation Authority fined Whiteheads Solicitors £2,584 plus costs for failures in compliance with anti-money laundering regulations. Key issues included inadequate client risk assessments and poor scrutiny of fund sources. This case underscores the necessity for law firms to ensure rigorous application of AML policies to avoid penalties.
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Counterpoint: Why Robust AML Controls Are Essential in Conveyancing
The recent article published by The Negotiator highlights concerns from the Property Lawyers Alliance (PLA) regarding the perceived excessiveness of anti-money laundering (AML) regulations in the conveyancing sector, arguing that these controls are “choking” the homebuying process with red tape, delays, and financial burdens. While these frustrations are understandable, it is crucial to recognise the indispensable…
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Stamp Duty Stress Over: The SRA’s AML Compliance Crackdown Awaits
This surge in conveyancing activity due to the imminent ending of the Stamp Duty Holiday has placed significant pressure on law firms to maintain rigorous Anti-Money Laundering (AML) compliance standards. The urgency to expedite transactions may well have lead to shortcuts in due diligence processes. Financial criminals often exploit such high-pressure periods, making it imperative…
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AML Supervision Report Issued
The long awaited final HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23 has been issued, noting that the most common breaches in the legal sector. The government’s annual supervision report for the financial year 2022-23 offers a timely insight into the activities of the UK’s 25 anti-money laundering supervisors including the SRA during…
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SRA Fines Essex Firm 24k
The SRA continues to levy large fines on regulated firms who have been in long-term breach of their obligations under the 2017 money laundering regulations. It is not clear whether the decision stems from an SRA AML Audit having been carried out. Fairhurst Menuhin & Co in Essex was fined £23,930, 2% of its turnover…
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Firm Fined for Inadequate FWRA
The Solicitors Regulation Authority (SRA) assault on firm for breaches of anti-money laundering (AML) rules has continued, with Raegal Limited being fined £1,520 (an amount equivalent to 2.4% of its gross annual domestic turnover for the last financial year). On top of this an order of £1,350 was made for costs. The penalty was due to…