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A visit from the Solicitors Regulation Authority (SRA) can be a daunting prospect for many law firms, potentially causing a great deal of stress for those involved. These visits, usually referred to as “inspections”, often occur through desktop-based means, although they can involve actual visits. It is important to understand what happens during an SRA visit; this article will walk you through the process step by step, from initial notification, through to the final report, providing insights into what law firms can expect and how best to navigate this event.

MLRO (Money Laundering Reporting Officer) and MLCOs (Money Laundering Compliance Officer) are two roles set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the MLR. 

Money laundering undermines financial systems, fuels organised crime and corrodes the integrity of economies worldwide, so knowing how to report potential cases of money laundering, by completing a document known as a “Suspicious Activity Report” (SAR), is essential in the fight against this financial crime. A lack of knowledge on how to report potential money laundering or improper documentation could lead to the crime failing to be prevented and could give rise to regulatory challenges for you and your firm. 

In the world of regulated services and anti-money laundering (AML), the term "Politically Exposed Person" (PEP) holds significant importance. A PEP is an individual who occupies a prominent public position, making them more susceptible to corruption and financial crimes, including money laundering and terrorist financing. Understanding who PEPs are, the risks they pose, and how financial firms manage these risks is crucial for maintaining the integrity of the global financial system.

The United Kingdom has a prescribed framework in place to combat money laundering and the financing of terrorism. Firms operating within various sectors are required to register with appropriate regulatory or supervisory bodies to ensure compliance with Anti-Money Laundering (AML) regulations. This article outlines the primary authorities that firms must register with for AML purposes in the UK and the specific obligations these registrations entail.

In May 2022, the CPMS (Core Practice Management Standards) for the CQS (Conveyancing Quality Scheme) was updated by the Law Society to augment the credibility of the CQS, safeguard the interests of clients and promote excellence within the legal profession, giving a more up-to-date account in an ever-changing legal world. Most conveyancing law firms will have already been through one round of audits with the latest standards - however, it is important to be aware of the changes and consistently comply with the standards.

Law firms stand as custodians of some of society's most sensitive information, entrusted with safeguarding client confidentiality, proprietary data, and legal strategies. However, as the reliance on digital technologies grows, so does the threat landscape surrounding these institutions. 

Forget spiders or snakes….no matter what industry you operate in, the word “assessment” is scary enough to bring anyone out in a cold sweat. It instantly brings to mind a barrage of tasks, red tape, paperwork chasing, and images of some unknown cold-hearted auditor evaluating your every move like your least favourite teacher from school [shudder].

Thomson Reuters Practical Law has published an article on preparing for Lexcel accreditation, authored by our Operations Director, Neil Partridge

Intended for legal practices that would like to understand the end-to-end Lexcel assessment and accreditation process, this article describes each step and what to expect.

It also provides tips and guidance to help your firm on its journey towards a successful outcome.

It is incumbent upon firms in the legal sector to ensure that staff involved in financial transactions understand not only as to where a client obtained the funds for a transaction, but also how this relates to their overall wealth.