Fifth Of UK Law Firms Fail On Money Laundering Compliance
Law360, London (October 29, 2019, 12:05 AM GMT) -- British law firms will face increased checks by the legal sector’s watchdog after it found that one in five companies are not complying with anti-money laundering regulations, warning on Monday that it will take tough action against those that continue to fall short.
The Solicitors Regulation Authority, which oversees the profession in England and Wales, said that 83 out of 400 firms it had contacted had failed to show they were complying with regulations from 2017 designed to curb money laundering.
According to figures published by the SRA in its annual risk outlook report, the authority has opened 172 investigations linked...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!