The Solicitors Regulation Authority’s annual AML and sanctions data collection has begun, meaning firms will be required to provide information about AML management and financial sanctions activity.
Regulated firms now must provide the SRA with information on work carried out within the scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
This also includes any contact or involvement with the sanctions regime and the individuals designated under it, as well as the submission of suspicious activity reports to the National Crime Agency.
Speaking on this issue, the regulator commented, “We appreciate that not all firms are involved with one or more of these regimes – in which case, you will be able to submit a nil return.”
The SRA also said, “We are required by our own regulator, the Office for Professional Body Anti-Money Laundering Supervision to take a risk-based approach to supervision. To supervise the legal sector effectively, we need to have accurate data. This allows us to see the distribution of risk across the legal profession, which in turn informs our programme of inspections and our guidance.”
“Collecting this information allows us to establish where the risks lie and how we can better allocate our resources. Most importantly, this data needs to be up to date and relevant so that our approach can evolve and adapt.”
To help compliance officers prepare for the data collection, the SRA has made a specimen version of the questionnaire available. However, please note that this is provided for guidance only and should not be submitted. To submit your data or to read the SRAs FAQs on the matter, click here.
Source: here.
Compliance and Regulation Support UK
All firms must demonstrate and uphold high standards in their AML systems and processes, as well as in their management and supervision. This also involves outlining how the firm operates, including the conduct of staff in accordance with established policies, controls, and procedures.
At Regulation & Compliance Office, we can offer a number of outsourced support solutions, including:
- Regulation & Compliance Service– Our Risk Management Assessment Service has been specifically designed to review and update a firm’s approach to risk and compliance management.
- MLR 2017 Regulation 21 Independent Audit – A review of the firm’s approach to regulation and compliance, including AML procedures, with the audit meeting the requirements of Regulation 21 of AML 2017. The output provides the firm with a written gap analysis and solutions to remedy any issues and ensure compliance.
- AML Training Courses – Our Typical AML Training Includes:
- AML Training for ALL staff to meet the firm’s obligation to provide annual training.
- One-to-one training for the MLRO and MLCO on their obligations and requirements.
Regulation & Compliance Office – Reach Out Now
To ask any questions about the Regulation & Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550 or email us at info@regulationandcomplianceoffice.co.uk
