The Solicitors Regulation Authority (SRA) is launching a crackdown against firms who fall foul of money laundering procedures. Following similar spot-checks against estate agents by HMRC, the SRA will initially write to over 400 firms asking them to demonstrate compliance with the Money Laundering Regulations 2017.Failure to get to grips with the risk-based regime leaves firms vulnerable to money launderers and an easy target for criminals and terrorists trying to launder dirty money. While compliance can be a challenge, SRA chief executive Paul Philip says “compliance is not optional”.Take the following risk assessment to understand whether you have the policies, procedures and controls you need to ensure AML compliance.You can learn more about VinciWorks' money laundering training suite here. The suite includes our risk-based Fourth Directive course, AML: Know Your Risk.
Note: the results of the assessment are anonymous. Feel free to provide your name and email address if you would like us to contact you with more information on our AML training.