NEWS
News and information from the world of
regulatory compliance and risk management
SRA publishes new guidance on advising on leasehold provisions
The SRA has published new guidance to help firms understand their obligations and how to comply with them. The guidance aims to explain what the SRA's Standards and Regulations require when acting for clients who are buying leasehold properties and to avoid possible...
Mishcon de Reya fined £232,500 over numerous AML failings
High profile London firm Mishcon de Reya has agreed to pay £232,500 – one of the biggest fines ever imposed by the regulator – over several breaches relating to money laundering rules. The firm admitted failing to secure adequate due diligence on four related clients...
SRA publishes guidance for new MLCOs and MLROs
The SRA has published some helpful guidance for new Money Laundering Compliance Officers (MLCOs) and Money Laundering Reporting Officers (MLROs) covering the requirements and duties of the two roles as set out in the Money Laundering, Terrorist Financing and Transfer...
SRA issues Risk Outlook 2021/2022
The SRA has today published its annual Risk Outlook for 2021/2022. The report looks at what defines the 'new normal: the shape of the legal market as it emerges from Covid-19 and gives the regulator's view of the key changes, threats, opportunities and uncertainties...
SRA publishes findings of thematic review of firms’ AML governance
An SRA report into law firms’ AML governance published this week identifies authority, independence and resources as the key pillars of a successful AML regime with the third identified as the biggest challenge for firms. Between April and September this year, the SRA...
SRA seeks big increase in fining powers
The Solicitors Regulation Authority has proposed a major hike in its fining powers and a new fast-track system for ‘fixed penalties’ for low-level offences. The regulator today opened a consultation on taking the maximum fine it can issue to law firms from £2,000 to...