Blog
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SRA AML & Sanctions Questionnaire Due September 2024
The SRA has begun distributing an AML & Sanctions Questionnaire form which must be submitted through your MySRA profile by 23rd September 2024. The questions are identical to those outlined in the warning email sent by the SRA on 2nd July 2024. You may view a copy of the email received by one of…
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Good and Poor Practice for Client and Matter Risk Assessments
A Client and Matter Risk Assessment (CMRA) is a regulatory requirement for evaluating money laundering and terrorist financing risks associated with a client or matter. It aids in determining the appropriate level of due diligence (CDD) required under the Money Laundering Regulations 2017 (MLR 2017). Each client and matter must have a documented risk…
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Anti-Money Laundering and Sanctions Data Collection by the SRA
All firms regulated by the Solicitors Regulation Authority (SRA) have been contacted regarding a data collection exercise. Firms are required to answer questions about the work they carry out within the scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), anti-money laundering (AML) procedures,…
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Unlimited Fining Powers by the SRA
As of July 2024, the Solicitors Regulation Authority (SRA) has introduced a new financial penalties framework under the Economic Crime and Corporate Transparency Act (ECCTA) 2023 which has granted the regulator unlimited fining powers. The SRA’s consultation document released June 28th outlines the regulator’s advocacy for unlimited fining powers for all rule breaches by…