The SRA has started its promised enforcement action against firms that put off fulfilling their AML obligations. This includes publishing details of fines issued to six firms which took more than a year to comply with new regulations.
The Legal Services Affinity Group has produced guidance on the AML regulations, which for firms supervised by the SRA for AML now constitutes official guidance. The guidance is still subject to HM Treasury approval but can be found here.
Ince in partnership with eLegal Technology, Arachnys and Yoti has launched a one-stop digital KYC solution to assist you to meet your AML obligations.
Please note this article was written by Annette Fong, who is no longer with Ince. If you would like any advice in this regard, please contact Julia Dao.
The publication of the fines ‘will serve as a warning shot to legal businesses that the regulator is not prepared to overlook non-compliance,’ says the Law Society Gazette.