NEWS
News and information from the world of
regulatory compliance and risk management
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...
Less than a week for firms to check tax advice work for AML obligations
Solicitor firms have until Sunday (10 January) to check if any tax advice work they carry out falls under a new definition for money-laundering purposes. Last year’s fifth Anti-Money Laundering Directive brought in amended regulations, with the definition of ‘tax...
Covid heightens risks faced by law firms
The ongoing implications of Covid-19 mean law firms must be more vigilant then ever in how they plan for - and protect against - key risks currently facing the legal sector. This warning comes as the SRA issues its latest edition of the annual Risk Outlook. The...
SRA issues Risk Outlook 2020/2021
The SRA has issued its Risk Outlook for 2020/21. The Outlook sets out the regulator's view on the key risks and challenges currently facing the profession with a view to helping solicitors take steps to protect both their firms and their clients. SRA Chief Executive...
Encouraging trends identified in review of transparency reforms
The availability of more online information about solicitors and law firms is already making a difference as people start use it to help with decisions about accessing legal services. Approaching one year on since the SRA Transparency Rules came into full effect,...
AML – Updated list of high risk third countries
Under the Money Laundering Regulations firms are required to apply enhanced due diligence on clients and transactions from countries identified by the European Commission as having a high risk of money laundering (“EU Commission High Risk Third Country List”). From...