SRA review shows law firms are falling short on compliance with anti-money laundering rules
Released 07 May 2019
Review looked at 59 law firms, with 26 then entering disciplinary processes.
The Solicitors Regulation Authority (SRA) has issued a warning to its members firms, following a review it has conducted. It sampled 59 law firms providing trust and company services, as this area has been highlighted by the Government as an area at highest risk of exploitation by criminals.
Whilst the SRA did not find evidence of any criminal activities, it found a range of breaches of the Money Laundering Regulations 2017, as well as poor training and processes within the firms, which the SRA felt could lead to firms inadvertently assisting criminals.
As a result of the review, the SRA has put 26 firms into disciplinary processes.
The Money Laundering Handbook, which is available from Croner-i, is an essential reference guide which covers the detail of money laundering offences, including crimes under the Proceeds of Crime Act 2002 (as amended) and the Terrorism Act 2000 (as amended), as well as the Money Laundering Regulations 2017.