Editor, Solicitors Journal

AML

3 Jan 2020News

The SRA will extend its AML supervision to include firms offering tax advice after new regulations came into force on 10 January. The regulator will go out to the 7,000 firms it currently supervises for AML purposes to ask whether they offer tax services. It will also communicate to the rest of its regulated firms that it can offer supervision of tax services for AML purposes. However, chief executive Paul Philip told the board last month: 'If a large number of new firms come into our AML supervision, it is likely to have an impact on our resources.' The SRA already pays £651,000 to the Office of Professional Body AML Supervision (OPBAS) '“ a fee that may rise if it becomes responsible for supervising more firms. 18 February

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