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 reaching £24,540. A common failing among these firms was the absence of a firm-wide risk… Read More »The Highest AML Fine by the SRA in 2024 was £24,540
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 funds as legitimate legal disputes. In new guidance published by the SRA in January 2025,… 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 Accounting Rules and anti-money laundering (AML) deficiencies. The Solicitors Disciplinary Tribunal (SDT) found that the… Read More »London Firm Fined for Residual Balances, Source of Funds Checks and Non-Compliances in AML
Anti-money laundering (AML) compliance is not optional—it’s a legal obligation. For small law firms and sole practitioners, understanding and implementing a Firm-Wide Risk Assessment (FWRA) is essential to meet the requirements of the Money Laundering Regulations 2017 (MLRs) and avoid… Read More »AML Guidance Note from the SRA regarding Firm-Wide Risk Assessments – Updated December 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