The SRA Annual AML Report 2022/2023 - 12 Ways to Improve Your Compliance

Introduction

Every year the SRA release the annual AML report in early autumn and here it is for the year 2022/2023!

Full of interesting facts, figures, and findings it is apparent that many firms still have a long way to go to be compliant:

• 224 firms were inspected with only 41 of those firms being compliant and, scarier still, 68 firms being referred for investigation
• The SRA took enforcement action on 47 law firms with fines of £137,402
• 24 Suspicious Activity Reports (SARs) were made by the SRA to the National Crime Agency (NCA) with total assets of over £75m

The list goes on! The latest Money Laundering Regulations have been in place since 2017, so we have no excuse for getting it wrong. Although most firms are working hard many of them are not compliant, which in turn may result in higher fines being handed out by the SRA.

Presented by expert speaker Jo Morris, this new virtual classroom seminar will explore the SRA report in detail and show you how to utilise this information to make your firm more compliant.

What You Will Learn

This live and interactive session will cover the following:

• Facts, figures and findings
• Twelve ways to better compliance:
• Firm wide risk assessments
• Client/matter risk assessments
• Policies, controls and procedures
• Sanctions
• Identify and verify
• Ongoing monitoring
• Source of Funds and Source of Wealth checks
• Enhanced due diligence and high risk jurisdictions
• Simplified due diligence
• Discrepancy reporting
• Identifying and scrutinising of transactions
• Reliance
• The year ahead!

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.