AML policy documents – Is your business compliant with legal and regulatory requirements?
When you work in the financial services sector and other related sectors that are at risk of becoming victims of …
Insight
The legal sector is one of the most highly regulated industries in the UK, requiring solicitors to put their clients’ interests ahead of their own. When you work with the law, your role—and the firm you work for—will be strictly governed by the Solicitors Regulation Authority (SRA).
As part of the guidance the SRA provides to UK legal firms, the regulatory body requires specific anti-money laundering (AML) and sanctions guidance to be followed closely to ensure law firms and solicitors are complying with the regulatory standards and preventing financial crime.
These requirements primarily focus on how firms manage their risk, conduct customer due diligence (CDD), and comply with sanctions regulations, helping law firms to avoid SRA fines for AML breaches. Let’s take a closer look.
What is the SRA AML guidance?
The SRA regularly asks firms to provide them with information on:
- work they carry out within scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- any contact or involvement they have with the sanctions regime and any persons who are designated under it
- submission of suspicious activity reports to the National Crime Agency
Who is responsible for providing the information?
The information (collected by questionnaire) must be completed by someone at your firm who holds one or more of the following roles:
- Compliance officer for legal practice
- Authorised signatory
- Money Laundering Compliance Officer
- Money Laundering Reporting Officer
The SRA takes non-compliance with AML and sanctions requirements very seriously, and firms that fail to adhere to these regulations can face significant penalties, including fines and disciplinary actions.
Our Anti-Money Laundering (AML) compliance solutions safeguard your business from money launderers, scammers, and criminals, reducing your risk of financial and reputational harm. We ensure your business stays fully compliant with AML regulations, LSAG standards, and SRA guidance. We even have a helpful section on our website filled with compliance technology for legal firms, so you can easily find out which of our checks you should be prioritising.
Author
Richard Devine
Solutions Consultant
