Tag: Sanctions Regime
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SRA Update 147: Are Your Sanctions Checks Compliant After the Bank of Scotland Fine?
For conveyancing firm, the Bank of Scotland fine earlier this your should be a “loud” warning. In property transactions, where you are dealing with high-value assets and often complex ownership structures, a “near miss” on a name could lead to a total freeze of the transaction, or worse, a heavy fine and a report to…
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Sanctions risk assessment: What is involved?
Is is considered best practice to align a firm-wide sanctions risk assessment with the requirements of the MLR2017. These regulations outline several risk factors that should be taken into account. They include: The risk assessment must align with the scale and scope of your practice, considering any factors that may influence risk, such as: Whatever…
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Sanctions regime – Why firm-wide risk assessments are a must
The firm-wide risk assessment serves the crucial purpose of identifying potential vulnerabilities to breaches of the regime and exploring ways to mitigate these risks. Although the sanctions regime is characterised by strict liability rather than risk-based, implementing this framework aids in the identification of emerging risks and facilitates the adoption of preventative measures. The Office…