Q&As

Does the SRA expect me to complete a risk assessment for every new client?

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Published on LexisPSL on 19/03/2020

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • Does the SRA expect me to complete a risk assessment for every new client?

STOP PRESS: Draft Legal Sector Affinity Group (LSAG) AML guidance was published on 20 January 2021. It awaits approval by HM Treasury and any content may be amended before the final version is published with the Treasury's approval. This document reflects HM Treasury approved LSAG AML guidance published in 2018 and will be updated in due course.

The SRA is not prescriptive about what firms must do in relation to anti-money laundering (AML): it simply requires you to comply with all the SRA's regulatory arrangements, as well as with other regulatory and legislative requirements, which apply to you.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, set out the administrative requirements of the AML regime.

If your business

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