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, in response to a spike in cases referred by the Solicitors Regulation Authority (SRA). This… Read More »SDT Budget Set to Rise by 25% Amid Surge in Disciplinary Cases
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 mishandling of the 2023 collapse of law firm Axiom Ince. An independent review found the… Read More »SRA Faces Enforcement Over Mishandling of Axiom Ince
The World Uyghur Congress Court of Appeal Case June 2024 Family lawyers need to be aware of the risk of unintentionally receiving criminal property as payment for legal fees, particularly after the judgement handed down in June 2024 in the… 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 police forces. Following an operation that spanned more than three years, a money laundering network… 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 fining powers. Several prominent legal bodies, including the City of London Law Society, have already… 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 are identical to those outlined in the warning email sent by the SRA on 2nd… Read More »SRA AML & Sanctions Questionnaire Due September 2024
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… Read More »Good and Poor Practice for Client and Matter Risk Assessments
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… Read More »Anti-Money Laundering and Sanctions Data Collection 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… Read More »Unlimited Fining Powers by the SRA