RIGOROUS CHECKS
By Nicola Laver
The SRA has warned it will be carrying out 'rigorous' compliance checks on law firms to ensure they meet anti-money laundering obligations. The regulator said it would shortly be writing to an initial sample of 400 firms asking them to demonstrate compliance with the 2017 Money Laundering Regulations. Around 7,000 firms fall within the scope of the regulations. The regulator is also contemplating sector-specific action if its findings uncover issues in relation to particular areas. In the past five years, 40 cases where solicitors were struck off, voluntarily came off the roll voluntarily, or were suspended. 19 March 2019