SRA completes industry-wide money laundering audit

Print This Post

30 June 2015


Vinciworks200On 26 June 2015, the Solicitors Regulation Authority (SRA) announced that it had completed its audit of anti-money laundering procedures at law firms. Early findings suggest that only a small proportion of firms require a follow-up visit.

Since September 2014, the SRA visited over 500 firms that it had identified as being at risk from money laundering attempts. It examined whether or not they had effective checks and balances in place to detect any suspicious activity, and that staff were aware of these systems and knew how to use them. This campaign was in line with the SRA’s 2014-2015 risk outlook, which identified money laundering as a key risk to the industry.

As part of this audit, the SRA published a warning note on appropriate anti money laundering processes, guidance on how to complete suspicious activity reports, and a warning notice emphasising that firms should not allow their client account to be used as a bank account.

During this process, we heard from a number of clients who presented the SRA with AML training reports from the Compliance Learning Management System. The SRA was satisfied with the reports and the level of training all staff received from the new VinciWorks Anti-Money Laundering training.

 



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Legal Futures Blog

Joint (ad)ventures in the legal sector

Nigel Wallis lo res

We all know that nothing in life is certain. As the actor, director and philosopher Clint Eastwood once said: “If you want a guarantee, buy a toaster.” He also said he’d tried being reasonable and didn’t like it. They should teach this kind of philosophy in law school. One thing in life is reasonably certain though. If you’re a law firm worth your salt, at some point you will be approached by another entity (most probably a work introducer) with a whizzy idea to ‘partner’ with you to ‘help you accelerate your growth’. In commercial speak this means, ‘we’d like to keep feeding you work but we’d also like to share in your profits’. The arrangement may be pitched to you as a joint venture – a win-win no less.

March 27th, 2017