In the last week we have seen the Solicitors Regulation Authority (SRA) really flexing its muscles and using its new enhanced fining powers, in one case it fined a firm £20,000 for its ‘reckless’ failure to comply with the anti-money laundering requirements; this was the highest fine so far for such breaches.
- Topic:
- Legal
Avoiding getting caught up in money laundering is critical for lawyers and their firms, especially when the sanction for doing so could be as high as 14 years in prison, or what is soon likely to be an unlimited fine from the Solicitors Regulation Authority (SRA)!
- Topic:
- Legal
Unless you have been living under a rock for the past year, it is unlikely to have escaped your attention that lawyers’ ethics has been a hot topic within the legal profession of late. With this in mind, as 2022 draws to a close, we thought it fitting to look back at some key events in the world of legal ethics over the past year and what we may learn from them from a thought leadership perspective…
- Topic:
- Legal
In 2019 the Law Society updated its Conveyancing Quality Scheme saying, “CQS is changing to make sure we continue to champion the role of solicitors and their position at the heart of conveyancing”; included in the update was a plan to carry out more desk-based and onsite assessments of the nearly 3,000 law firms holding the accreditation to see whether they were in fact meeting their obligations.
- Topic:
- Legal
Our recent webinar on law firm non-compliance looked at the main breaches found within law firms, both from our own file audit work and in cases handled by the Solicitors Regulation Authority and the Solicitors Disciplinary Tribunal.
- Topic:
- Legal
On 28th September 2022, the LawCare charity hosted its inaugural conference, Building a better Life in the Law. This was an inspiring event which focused on cultural change in the law.
In this blog, we explore some of the themes and issues raised in the sessions and workshops we attended and our key takeaways on how we can all make the law a happier place to work.
- Topic:
- Legal
According to the United Nations, up to 1.7 trillion pounds are laundered every year globally.
The risk of unintentionally facilitating money laundering or terrorist financing is present for all financial professionals. The consequences of being involved in money laundering, either knowingly or unknowingly can be severe.
The primary money laundering offences carry a maximum penalty of 14 years' imprisonment and/or an unlimited fine.
It is essential that all financial professionals know about money laundering, how to spot the signs, and what to do if they suspect money laundering is taking place.
In this article we answer the questions of:
-
- What is money laundering and terrorist financing?
- What are examples of money laundering?
- How do I spot the signs of money laundering?
Estimated Read Time: 4 minutes
The focus on firms and whether they are complying with their anti-money laundering obligations continues, with a further firm having recently been fined £2,000 for multiple breaches, including it telling the Solicitors Regulation Authority (SRA) it had a compliant firm wide risk assessment (FWRA) in place when it didn’t; it also didn’t have in place compliant AML policies, controls and procedures.
The property sector remains a high risk area of work and according to the latest Financial Action Task Force (FATF) report there is “a poor level of understanding” of AML risks and how to mitigate them.
- Topic:
- Legal
In the not too distant past a flexible working policy tended to be a standard, yet inconspicuous document, within a law firm’s policy and procedures library, which employees knew existed, yet many may not have called upon.
Fast forward to current times and the recent global pandemic has shifted our thinking, lifestyles and circumstances and has opened up opportunities for flexible and hybrid working arrangements that many of us would never have dreamed of several years ago, so much so that traditional flexible working policies are unlikely to remain fit for purpose.
- Topic:
- Legal
The Access Legal July 2022 AML Update webinar covered a number of topics, including:
Keep reading for a breakdown and the key takeaways, or watch the AML update webinar on demand.
- Topic:
- Legal
