Compliance Week on 5th March carries a short article about the Solicitors Regulation Authority’s (SRA) review, Preventing Money Laundering and Financing of Terrorism –
The review details the findings of last year’s examination of a number of UK law firms and updates the SRA 2016 report on the subject. The review is said to have found both instances of good practice and areas for concern. In particular, not all firms were keeping records of their decisions, and many had not made progress with putting a firm-wide risk assessment in place. It warns that
any weakness in a firm’s systems or processes could have significant consequences.
Meanwhile, International Adviser highlights the comment in the SRA review that law firms are an obvious target for money launderers.