In this article from Jonathan Bennett at Credas he provides key insights on the SRA’s latest AML report, which reveals a 66% rise in enforcement actions and over £500,000 in fines. He provides commentary about compliance missteps, including ignored AML alerts and mishandled client funds, and understand how recent reforms impact law firms.
In this article from Jonathan Bennett at Credas he provides key insights on the SRA’s latest AML report, which reveals a 66% rise in enforcement actions and over £500,000 in fines. He provides commentary about compliance missteps, including ignored AML alerts and mishandled client funds, and understand how recent reforms impact law firms.
Anti-money laundering for law firms has always been a concern, what is “enough” information on a client to determine they’re legitimate, and their money is legal? But over the past few years there has been a growing concern within the industry as a whole, specifically pushed by the SRA and Law Society that enough simply isn’t being done. Take for example the story of Mishcon de Reya being fined for AML compliance breaches. They were smacked with a fine of £232,500 which highlights the reinvigorated push for better AML compliance and AML checks within law firms.
With the need for more stringent anti-money laundering checks in the legal sector, we have put together a list of some top tips on how to help you combat money-laundering.
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