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SRA updates Sectoral Risk Assessment on Anti-money laundering and terrorist financing
5 March 2024

The SRA has updated its AML sectoral risk assessment. The major changes from the previous Sectoral Risk Assessment (dated 24 July 2023) are in relation to:

  • Vendor fraud
  • Pooled client funds
  • Third-party managed accounts
  • Irregular methods of transferring funds
  • Sanctions risk has been placed under its own risk heading
  • Updated references to Covid-19, retaining risks which have become part of usual business and deleting factors which are no longer relevant.
  • Modern slavery in relation to cash-based industries
  • Further references to AI and cybercrime
  • Updated position with regard to domestic PEPs

Firms should now review and update their PWRA accordingly.

To view the new sectoral risk assessment, see SRA | Sectoral Risk Assessment – Anti-money laundering and terrorist financing | Solicitors Regulation Authority

The SRA has published more information on preventing money laundering and terrorist financing.

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