NEWS
News and information from the world of
regulatory compliance and risk management
Vendor fraud in conveyancing transactions
The SRA is again reporting a number of cases of vendor fraud in conveyancing transactions. If you carry out property conveyancing work on behalf of sellers or buyers, you might be at risk of being involved in this type of scam.The fraud involves properties, usually...
AML: New list of high-risk third countries requiring EDD
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLRs 2019) require the UK regulated sector to apply enhanced customer due diligence in relation to high-risk countries. MLRs 2019 Regulation 33 (1) (b) requires regulated businesses (“relevant...
SRA publishes AML sectoral risk assessment
Law firms are being urged to check that they are up-to-date with all the latest developments and legislation regarding money laundering by reading two new pieces of national sector-wide guidance issued on the subject. Following on from the regular national...
More firms sanctioned in transparency rules clampdown
Three more firms have been disciplined for breaches of the transparency rules as the SRA continues to clamp down on non-compliance. This brings the total of firms who have been sanctioned to ten, since the start of the year. The rules are designed to help people find...
LSAG issues updated AML guidance – Review your procedures now
The Legal Sector Affinity Group (LSAG) has updated its anti-money laundering (AML) guidance for the legal sector. The guidance supports legal professionals in complying with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the...
Enforcement work around transparency rules continues
The transparency rules were introduced in December 2018 to help consumers make properly-informed decisions about the services available to them. The vast majority felt solicitor firms were unaffordable and therefore going elsewhere for help dealing with a legal...