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regulatory compliance and risk management

Mishcon de Reya fined £232,500 over numerous AML failings

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...

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SRA publishes guidance for new MLCOs and MLROs

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...

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SRA issues Risk Outlook 2021/2022

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...

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SRA seeks big increase in fining powers

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...

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