Tag: SRA
-
The AML compliance gap no one wants to talk about
In the field of anti money laundering, many lawyers fall into the trap of conflating source of funds with source of wealth. They treat them as a single requirement when they are in fact two distinct obligations. One is a forensic look at a specific pot of money. The other is a holistic assessment of…
-
The FCA’s High-Stakes AML Takeover of the Legal Sector
The transition from SRA to FCA oversight for AML represents an “architectural reset” of the UK legal regulatory climate. While the 2017 Regulations remain unchanged, the move to a “Single Professional Services Supervisor” replaces the SRA’s collaborative, guidance-based approach with the FCA’s assertive, data-driven enforcement. This shift aims to eliminate the fragmented supervisory landscape that…
-
SRA AML Audits on the Increase
I have seen a huge increase in calls today to our audit helpline from conveyancing firms selected by the SRA for an AML inspection. Not the sort of communication firms wish to receive on a Friday. Surely the SRA can send these communications between Monday and Thursday. Many of the firms that I am talking…
-
How do the SRA decide which CQS firms to inspect?
The SRA adopt a risk-based approach to AML supervision. The SRA visits a greater number of firms classified as high risk, while also conducting visits to low and medium-risk firms. It is important to note that a visit does not automatically imply that your firm is deemed high risk for potential money laundering activities. To…
-
CQS Purchase of a Leasehold Policy Template
Back in 2019, the Solicitor’s Regulation Authority (SRA) undertook a Residential Conveyancing Thematic Review. This review emphasised that conveyancing firms were falling short in providing sufficient information to their clients regarding the various types of property ownership and potential buyer implications. Alarmingly, the report uncovered that 23% of observed firms failed to clarify the distinction…
-
Is Your Firm Ready for a SRA AML Audit?
The SRA have recently warned that it will be writing to a “large number” (400) of firms in the coming weeks requiring evidence of compliance with the 2017 Money Laundering Regulations. The likelihood is that firms with a focus on conveyancing will be targeted for an AML Audit. The regulator confirmed that in the last…
-
Why conveyancers cant rely on referrals
Many marketing experts will tell you that as a conveyancing practice if you do great work you can build your firm based on referrals. But is that correct? Not necessarily. Ask yourself what motivates a client to to take the risky step of referring your firm to friends and family. Even if you do a…
-
The Law Society's 9-Month Change of Heart
“A number of rated insurers have withdrawn from this segment and the gap has been filled by unrated insurers, some of whom enter for a few years before withdrawing or, worse, becoming insolvent. This is extremely detrimental to the profession”. Des Hudson, August 2013: “The fact that an insurer is unrated does not of itself mean…
-
Should Free Legals by Lenders be Banned by the FCA?
Treating customers fairly (TCF) is central to the Financial Conduct Authority’s (FCA) expectations of a lender’s conduct. Banks must put the well-being of customers at the heart of how they run their businesses. After years of licking their mostly self-inflicted wounds, banks are now starting to compete for borrowers with ‘free legals’ reemerging as the…