The Solicitors Regulation Authority (SRA) has announced that they will be increasing checks on law firms after it found that 21 percent of the 400 firms consulted were not complying with anti-money laundering regulations. The majority of firms were using templates and these firms’ risk assessments were generally of lower quality as firms appeared to take a ‘copy and paste’ approach without thinking through the specific risks and issues faced by their firm.
In light of these findings the SRA has updated its warning notice, provided additional support and guidance and plans to carry out an extensive programme of firm visits.