Dealing with Source of Funds (SoF) questions is a critical part of your AML obligations as a solicitor in the UK. The SRA and LSAG (Legal Sector Affinity Group) guidance emphasise that this goes beyond simply k...
Our Operations Director, Monica Desor, recently attended the annual SRA COLP/COFA conference in Birmingham. Having attended the workplace culture breakout session, Monica came away with the following key points...
Money Laundering continues to top the regulatory landscape. With the Russian invasion of Ukraine last year, the issue is now at the political forefront. The Register of Overseas Entities, launched in August 202...
As it is now three years since the launch of Compliance Legal, we thought that it would be a good time to reflect on what we have learned through our interaction with the legal profession. Our key learnings: S...
Compliance Consultants With the recent increase in law firms looking to work with compliance consultants, we look at why businesses outsource some of their regulatory duties. As compliance consultants live, sl...
Are you a legal professional or non-lawyer seeking entry and regulatory approval into the legal services market? Or you may be an existing firm looking to restructure your business model? There are some key req...
All SRA regulated law firms must have a Compliance Officer for Legal Practice (‘COLP’) in place. The COLP must be a manager or employee, as defined by the SRA Glossary, and formally approved into this role. Som...
SRA Transparency Rules. Grace period is at an end. We previously published a blog on how your firm should be complying with the SRA Transparency Rules (‘the Rules’). Despite the Rules coming into force in Dec...
Are these lengthy reviews needed? We recently received an enquiry from a solicitor. He questioned whether his firm needed to continue carrying out file reviews, as the process had become cumbersome and time-con...
The 5th Money Laundering Directive (‘5MLD’) was implemented into UK law on 10 January 2020. Its aim is to amend and strengthen the current Money Laundering Regulations (MLR). The 5MLD applies to all firms whose...
