NEWS
News and information from the world of
regulatory compliance and risk management
SRA updates guidance on Transparency Rules
The SRA has this week updated its guidance on the Transparency Rules. This now includes factors to consider if you are using an online quote calculator for conveyancing matters. The SRA have also emphasised that they will continue to tackle non-compliance with the...
AML – Updated list of high risk third countries
Under the UK’s Money Laundering Regulations (regulation 33(1)(b)), enhanced due diligence (EDD) is mandated for any business relationship with a person established in a high-risk third country. Until the end of the Brexit transition period, the list of high-risk...
SRA fines fresh batch of five firms breaching AML rules
A fresh batch of fines has been issued by the Solicitors Regulation Authority to firms failing to meet anti-money laundering requirements. The five practices sanctioned include alternative business structure Crawford & Company Legal Services Limited, owned by the...
SRA begins money laundering clampdown with three firms fined
The Solicitors Regulation Authority has started its promised enforcement action against firms that put off fulfilling their anti-money laundering obligations. The regulator today published details of fines issued to three firms which took more than a year to comply...
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...