While some firms have improved their procedures in response to SRA Guidance and advice, many still struggle to comply with the rules governing residual balances.… Read More »SRA Open Consultation on Residual Balances in 14 November 2024
The Solicitors Regulation Authority (SRA) has recently imposed significant fines on multiple law firms for breaches of anti-money laundering (AML) regulations, with the highest fine… Read More »The Highest AML Fine by the SRA was £24,540 in 2024
The Solicitors Regulation Authority (SRA) has warned law firms about sham litigation, a tactic criminals use to bypass anti-money laundering (AML) rules by disguising illicit… Read More »The SRA Warns over Sham-Litigation
A London-based law firm and its director have been fined £25,000 each – totalling £50,000 – for serious compliance failures, including breaches of the SRA… Read More »London Firm Fined for Residual Balances, Source of Funds Checks and Non-Compliances in AML
According to an article by the Law Gazette, the Solicitors Regulation Authority (SRA) faces historic enforcement action by the Legal Services Board (LSB) following its… Read More »SRA Faces Enforcement Over Mishandling of Axiom Ince
According to Legal Futures, the Solicitors Disciplinary Tribunal (SDT) is set for a 25% budget increase in 2025, rising from £2.5 million to £3.1 million,… Read More »SDT Budget Set to Rise by 25% Amid Surge in Disciplinary Cases
The World Uyghur Congress Case Court of Appeal June 2024 Family lawyers need to be aware of the risk of unintentionally receiving criminal property as… Read More »Family Lawyers can face Criminal Liability
The Metropolitan Police released an article in August 2024, detailing a successful persecution of seven members of a criminal Chinese underground banking group by British… Read More »Officers Uncover £55 Million Laundered through Chinese Underground Banking Channels in the UK
In September 2024, a growing number of legal professionals have voiced strong opposition to the Solicitors Regulation Authority’s (SRA) proposed plans to drastically increase its… Read More »Lawyers Condemn the SRA’s Increased Fining Powers
The SRA has begun distributing an AML & Sanctions Questionnaire form which must be submitted through your MySRA profile by 23rd September 2024. The questions… Read More »SRA AML & Sanctions Questionnaire Due September 2024