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Money Laundering Regulation and their Application

The Alert!

The SRA have been raising concerns about the application of the regulation generally within firms and earlier in the year made it clear that they were focusing on the AML and taking action against firms who fail to implement the appropriate procedures to comply with the Money Laundering Regulations.

Principally the SRA are looking at: -

  • The appointment of an appropriate person who is properly trained with the authority to take decisions
  • Screening of relevant employees on an ongoing basis
  • Establishing an independent audit function assessing the adequacy of your policies and their application
  • Ensuring staff are trained and kept up to date with procedures and their obligations

The SRA have some worrying statistics that supports and to some degree evidences that too many law firms do not meet the required regulatory and statutory requirements and action is now being taken. These statistics include: -

  • 21% of firms are not compliant
  • 64% of firms are using low quality risk assessment templates
  • 33% of firm's activity to comply with regulations was recent enough to suggest that they were undertaken in response to an enquiry from the SRA

The result of the findings is that the SRA have responded by contacting 7000 firms, specifically focusing on their risk assessment and compliance with legislation and regulation.

If reading this causes you or your law firm some worries the time to act is now. Review your policies and ensure your processes are up to date and that you can demonstrate implementation and supervision within your firm.

If you are compliant and can demonstrate this, there is no need for concern. If, however, you worry that your procedures and auditing is not at the standard that is expected, ACT NOW! It is better to act now and demonstrate that positive steps are being taken, rather than do nothing and deal with the consequences...

The Solution?

The Strategic Partner have developed a solution to the challenges facing law firms highlighted by the SRA. Our compliance service provides firms with an effective and robust solution. Our service is straightforward: -

  1. Implement policies that ensure you are compliant
  2. Remove or reduce processes and procedures that are too complex or convoluted and replace them with simple to follow compliant processes that work for your firm
  3. Ensure these policies reflect what you do in practice. The minimum expectation is to comply but if you go further and provide enhanced processes then document them and make sure you actually do them
  4. Demonstrate implementation and active compliance through auditing and reporting
  5. Provide training for key roles and all staff
  6. Maintain and monitor compliance on an ongoing basis
  7. Access to our experts to answer and deal with compliance concerns and questions

Our solution delivers both the technical input you need and the comfort that your processes are up to date, enforced and evidenced.

This is a cost-effective solution for firms that provides true value and peace of mind!

To find out more you can call us on 020 3911 9710, email us info@thestrategicpartner.co.uk. or visit our website and make an online enquiry.

Let's talk about how we can help

Get in touch - call us on 0203 911 9710 or complete the form.
Tell us what you need or ask us a question, we'd love to discuss your business.

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