REPORTS OF MISCONDUCT LINKED TO SERIOUS FINANCIAL CRIME HAVE REACHED RECORD LEVELS, SAYS THE SOLICITORS REGULATION AUTHORITY – UPDATED RISKS OUTLOOK PUBLISHED

REPORTS OF MISCONDUCT LINKED TO SERIOUS FINANCIAL CRIME HAVE REACHED RECORD LEVELS, SAYS THE SOLICITORS REGULATION AUTHORITY – UPDATED RISKS OUTLOOK PUBLISHED

On 25th July, the Law Society Gazette said that the SRA says it is increasingly concerned about levels of money laundering, cybercrime and dubious investment schemes, with too many firms still failing to heed warnings about protecting themselves; and it has set out a series of warning signs and suggestions for how to respond if firms believe they are at risk from organised criminals, these are in its Risks Outlook2018/19, also published on 25th July.

https://www.lawgazette.co.uk/news/firms-on-notice-after-record-reports-of-links-to-dodgy-investment-schemes/5067037.article

SRA RISKS OUTLOOK 2018/19

This sets out what we think are the risks and the challenges faced by solicitors and law firms.  It is said to include 2 new priority risks this year – managing claims and cyber security.  It says it is increasingly concerned about the practises of some firms that offer personal injury work, including holiday sickness claims.  Similarly, some firms bringing payment protection insurance claims may not always be meeting the high standards expected of them.  The section on AML includes a “spotlight” on conveyancing and includes case study illustrations.

https://www.sra.org.uk/risk/outlook/risk-outlook-2018-2019.page

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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