The Solicitor’s Regulatory Authority (SRA) is set to conduct ‘rigorous checks’ on law firms’ anti-money laundering (AML) measures, making it more critical than ever that you ensure your AML controls are robust and compliant.
With the right compliance programme in place, meeting AML obligations need not be a worry or burdensome on your business. Underpin your AML policies and procedures with a combination of expansive, insightful intelligence and flexible technology, and enable your practice managers and fee earners to make risk-based decisions that meet AML obligations quickly. Freeing them to focus on their core priority – your clients.
A solicitors organisation could be subject to fines leading to reputational damage and loss of business
Those responsible for AML compliance at a solicitors firm can even be held personally liable, potentially facing substantial fines, suspension, debarment or even prison.
"In the last five years, we have taken more than 60 cases – linked to potential improper money movements – to the Solicitors Disciplinary Tribunal. This has resulted in more than 40 solicitors being struck off, voluntarily coming off the roll, or suspended from practising."
Paul Philip, SRA Chief Executive – SRA News Release ‘SRA puts firms on notice for money laundering compliance checks’