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Compliance Update October 2024
New rules and guidance from SRA It’s been a busy few months over at the SRA! Which in turn has meant a busy few months for us 😂 😎 We spent our summer assisting our retainer clients with their AML & Sanctions questionnaire which came out to all firms this Summer (we do hope you made the September 23rd deadline!). In addition to delighting law firms with this little treat, the SRA also published a number of warning notices & new guidance. 📆 Key deadline for October: don’t forget that the window for practising...
Compliance Update May 2024
New rules, guidance and warnings We kick off as ever with the latest roundup in the ever changing world of law firm anti-money laundering / financial crime updates: Some new countries were recently added (Kenya & Namibia) and removed (Barbados, Gibraltar, Uganda, United Arab Emirates) from the list of high-risk third jurisdictions. The next FATF plenary is likely to report any minute so it’s always best to refer directly to the most up to date list. We like to use the Law Society’s consolidated list so that it’s all in one nice neat place...
Our Mission, Vission and Values
🧭 Mission To make SRA authorisation and compliance easy for our clients. 🔭 Vision Our vision is to be the recognised leader in quality compliance solutions; deliver valuable services and products to our customers; build a profitable and sustainable business; enjoy our work and have fun along the way; and try to be a force for good in the world: offering pro bono support where we can, giving back to worthwhile causes and being mindful of our impact on the environment. ⚖️ Values we strive for Balance We work hard...
Compliance Update February 2024
SRA in the news: Post Office Horizon Scandal There’s been a lot of talk in recent weeks about the SRA investigation into certain solicitors connected to the Post Office mass miscarriage of justice scandal. In our latest blog post we take a look at the reports that the SRA will likely await the outcome of the public inquiry before proceeding further with its investigation. 📏 New rules and guidance for firms subject to AML Regulations There’s been a raft of new guidance and changes in the anti-money laundering (AML) space in the past...
Compliance Update November 2023
☕ Grab a cuppa and get yourself comfortable as it’s been a fairly busy few months for the SRA and we have a few important things to share with you….. 🔥Hot topics ⚠💻Website Compliance 💻⚠ We have noticed a SHARP rise ⬆ in law firms having their websites audited 🔎 by the SRA recently, with many falling foul of what some might describe (not us of course) as an increasingly picky approach in particular to the pricing information. There seems to be a zero tolerance approach to inviting the...
Compliance Update July 2023
📏🧭 New rules and guidance from SRA 📰 The SRA's has just published new guidance on the Proceeds of Crime Act and it does feel a little like a further attempt to push AML regulated sector obligations out to all areas of legal practice despite the absence of mandatory legal or regulatory requirements duties. So boutique litigation firms for example should pay particular attention. Here’s the key information: 🔍 You have to really concentrate to realise that it is largely recommended best practice going above and...
Compliance Update April 2023
Welcome to the latest update on all things compliance! Spring is definitely in the air & the SRA have been rather busy 🐝🐝🐝 these last few months (which also means so have we!) We are currently knee deep in AML audits as many of you have taken us up on our recent offer of a 10% discount. We have decided to extend this for anyone who books an audit by 30th April 2023. The SRA literally now have a whole department solely committed to carrying out AML checks and they will likely eventually get to all firms subject to...
SRA Fines Oxfordshire law firm £20k for AML failings
Any law firm doing property, corporate, private client, trusts, tax work etc should make the time to read the SRA’s decision to fine Ferguson Bricknell solicitors £20k for AML failings. 💰 It would be easy to self soothe by jumping on the worst of the problems identified with the anti-money laundering approach but frankly many small to medium sized firms are in similar position on a lot of these issues. They also have: ❌ a firm-wide risk assessment in place now which doesn’t adhere to the detail fo the SRA’s latest guidance....
Compliance Update January 2023
🔥 Hot Topics Drum roll please!…….. Will there ever be an update where we don’t bang on about AML?! Probably not 😂.But to apologise for always harping on about it, for the first time EVER we are offering a 10% discount on AML audits for bookings made by 28th February. Contact us here to discuss. We want everyone to start the year feeling confident & compliant! To reiterate how important it is that you and your firm are fully compliant with your obligations, here is the SRA’s Anti-Money Laundering Annual Report 2021-22. SRA...
Compliance Update October 2022
Hot off the press…. The SRA will be checking your website….are you ready?! The SRA announced in August that it has plans to check ALL law firm websites for compliance with its Transparency rules. Remember, whatever services you offer, you need to publish details of your complaints procedure and a copy of the SRA’s clickable logo on your website. We are aware that the SRA is being rather picky about wording of specific points (for example, they were unhappy that a link on a firm’s website complaints policy went to the main www.sra.org.uk...