Solicitors Regulation Authority of England and Wales publishes latest annual reports

The Solicitors Regulation Authority (SRA) has published its suite of annual reports, which cover five core topics, these are: ‘Anti-money Laundering‘, ‘Authorisation‘, ‘Client Protection‘, ‘Education and Training‘ and ‘Upholding Professional Standards‘. Key findings from the reports include: There has been a year-on-year increase in the number of solicitors qualifying through apprenticeships, firms offering recognised training…

Watch the Nova Scotia Barrister’s Society’s webinar on anti-money laundering and client ID and verification

On the 9th of June, the Nova Scotia Barrister’s Society (NSBS) hosted a webinar entitled ‘Anti-Money Laundering/Client ID and Verification.’ This webinar was hosted by Caron Ferguson Eagan (NSBS Staff Lawyer, Education & Credentials) and presented by Jillian Barrington (in practice with Sheldon Nathanson Law), Bernadine MacAulay (NSBS General Counsel), and Elaine Cumming (NSBS Professional…

Legal Sector Affinity Group for England and Wales publishes new guidance on anti-money laundering and SRA sectoral risk assesment

The Legal Sector Affinity Group (LSAG) which is made up of representatives from the different regulatory and representative bodies in the legal profession, releases information and guidance for legal services professionals. The LSAG 2020 guidance provides a detailed commentary on recently amended UK regulations on money laundering (as well as the 2017 regulations). The LSAG…

Updated UK national risk assessment of money laundering and terrorist financing

The UK Treasury has published an updated UK National Risk Assessment of Money Laundering and Terrorist Financing. This follows the previous update from October 2017 and sets out the key money laundering and terrorist financing risks for the UK, and how these have developed since the first publication in 2015. Specifically, chapter 10 documents the…

Hong Kong Law Society responses to AML consultation

The Law Society of Hong Kong has released its responses to questions arising from an online consultation on anti-money laundering (AML) and counter-terrorist financing (CTF) regulation. The consultation was launched on the 3rd November 2020 by the Financial Services and Treasury Bureau. The consultation gave members of the public, as well as private companies the…

Solicitors Regulation Authority publishes compliance officers conference online

The Solicitors Regulation Authority of England and Wales (SRA), has published recordings of their recent compliance officers (COLP) conference on their website. Due to the content of the conference, looking at regulatory and compliance developments, ICLR members may well find the content interesting and relevant to their own regulatory work. Sessions included: Discussions around rule…

Hong Kong to consider extending AML and CFT rules to cryptocurrencies

In the Financial Secretary’s 2020 – 2021 budget speech, the Hong Kong government announced that it will consider extending the anti-money laundering/counter-terrorist financing requirements to cover cryptocurrency service providers. Cryptocurrencies are currently classified as virtual assets in the city and are regulated by the Securities and Futures Commission. By including cryptocurrencies under AML regulations, the…

FLSC launches anti-money laundering and terrorist financing risk advisory for the legal profession

The Federation of Law Societies of Canda (FLSC) has launched a series of risk advisories and risk assessment case studies, designed to help legal professionals adapt to the new anti-money laundering rules. The rule changes are based on an FLSC model rule and have been adopted by Nova Scotia, Alberta, Saskatchewan and British Columbia. The…

Law Society of Ontario approves AML amendments

In November 2019 the Convocation (Board of Directors) of the Law Society of Ontario approved in principle amendments to by-laws designed to combat money laundering and terrorist financing. The amendments which build on existing regulation include: a requirement that licensees identify and record the source of client funds for a transaction clarification with respect to…