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Protecting your firm against money laundering and terrorist financing

Protecting your firm against money laundering and terrorist financing
Published on: 03 June 2019
Published by: LexisPSL
  • Protecting your firm against money laundering and terrorist financing
  • Original news
  • In what ways do money laundering and terrorist financing pose a threat to law firms?
  • What prompted the SRA to issue a warning notice?
  • What was the focus of the SRA’s recent warning notice?
  • In its 2018 Thematic Review, the SRA found that ‘many firms have not implemented the new requirement to have a firm based AML RA in place’. In what way were the firms inadequate in their approaches to firm wide RAs?
  • What makes a good firm wide RA?

Article summary

Practice Compliance analysis: The importance of implementing safeguards against money laundering and terrorist financing in law firms was emphasised by the Solicitor Regulation Authority’s (SRA) warning notice in May 2019, which raised concerns over the levels of non-compliance with anti-money laundering (AML) policy. Shaul Brazil, partner, and Caroline Mair, barrister, of BCL Solicitors, explore the risks these types of financial crime pose and why law firms are an attractive target to the perpetrators. or take a trial to read the full analysis.

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