SRA money laundering visit – are you ready?
The thought of an SRA money laundering audit may fill you with dread. But the regulators are getting more proactive about their role as AML supervisor. Many firms have had the pleasure of discussing AML procedure, over tea and a biscuit no doubt, with the SRA. So what can you expect when the SRA comes calling?
Carly Fallon sets out what firms need to know.
ICYMI: Reliance: Can you use Client Due Diligence conducted by third parties? [Money Laundering Regulations]
News and Guidance
Law Society – New and updated practice notes (may require login)
- Practice note: Bribery Act 2010
- Report: Annual statistics report 2021
- Guide: Gender pay gap reporting: setting the standard for the profession
- Q&A: My client is a member of a UK political party. Do they count as a politically exposed person?
- ICO: Action taken against SEVEN organisations who failed in their duty to respond to information access requests – MoD, Home Office, London Borough of Croydon, Kent Police, London Borough of Hackney, London Borough of Lambeth and Virgin Media all sanctioned for basic data protection failures.
- ICO blog: Subject Access Requests: Getting the basics right
- Gazette: Society ‘extremely concerned’ at proposals for unlimited SRA fines– relates to the Economic Crime Bill, which would give the SRA unlimited fining powers for AML-related conduct. This comes soon after the SRA’s general fining powers increased from £2,000 to £25,000 (already unlimited for ABSs).
Continuing Competence for Solicitors
Our live webinar for September was on the topic of CPD – I mean, continuing competence.
Sweeping reform of solicitors training came in seven years ago. The word on the street is that the regulators are looking to change things again.
In this live session, Jon and Rachael chatted through the flexible (and imperfect) continuing competence regime. We covered:
- The link between ‘competence’ and SRA conduct rules
- The SRA Statement of Competence aka the standard all practising solicitors must meet
- SRA expectations – how to meet the standards
- How firms should assess competence
- Who the firm is responsible for
- Present and future issues
Download the Powerpoint slides here.
View the recorded session here (passcode P?iz67X6) – available for 30 days.
Next webinar – Sexual Misconduct and the Regulation of Solicitors’ Private Lives
Save the date: 19 October at 12pm
Invitations will be sent over the next few days (JBL clients get priority access).
SRA and SDT disciplinary decisions
- Robert Dallinson – Chartered Legal Executive banned from working for law firms, after dishonestly backdating client signatures on LPAs.
- Buglear Bate & Co – fined £2,000 for AML failures, including lack of compliance firm-wide risk assessment and policies, controls and procedures.
- Antonia Elliston – non-lawyer banned from the profession for falsifying client signatures on witness statements.