NEWS
News and information from the world of
regulatory compliance and risk management
SRA Warning Notice: Law Firms Must Take a Responsible Approach to AI
Artificial intelligence is becoming an increasingly familiar part of legal practice, with firms using AI tools for tasks ranging from drafting and document review to research, summarisation and administrative work. The SRA's new Warning Notice on Misuse of AI,...
SRA updates its AML sectoral risk assessment: what should law firms be doing now?
The Solicitors Regulation Authority (SRA) has updated its sectoral risk assessment for anti-money laundering and terrorist financing, following HM Treasury’s publication of its National Risk Assessment. For firms within the scope of the Money Laundering Regulations,...
HMRC Consolidates Its AML Expectations Into a Single Guidance Manual
HMRC has recently brought together its anti-money laundering expectations into a new Anti-money laundering guidance for supervised businesses manual. The guidance consolidates both general and sector-specific expectations in one place and covers key areas including:...
New Home Office Research Highlights the Growing Threat of Money Mules – What Law Firms Need to Know
The Home Office has published two important pieces of research examining the lived experiences of money mules and public understanding of money muling. Although the reports are primarily aimed at tackling fraud, they contain valuable lessons for solicitors and law...
SRA issues new guidance on third-party litigation funding: what firms need to know
The SRA has published new guidance on the use of third-party litigation funding (TPLF), reminding solicitors and law firms of their professional obligations when funding arrangements are used or when clients are introduced to external funders. Third-party litigation...
SRA Complaints Data Collection – Is Your Firm Ready?
Later this year, the Solicitors Regulation Authority (SRA) will begin collecting additional complaints handling data from law firms as part of its ongoing focus on improving consumer outcomes and increasing transparency. The SRA has confirmed that it intends to...