Increased SRA fines and recent disciplinary decisions to be aware of
SRA increased fining powers by more than 10x The SRA has been granted approval from the government to increase regulatory fines from £2,000 to £25,000. The SRA also plans to introduce a new system of fixed penalties for lower-level breaches, with the goal to reduce the number of cases passed on to the Solicitors Disciplinary […]
Money laundering for payment providers and art market participants
Upcoming changes to the UK’s anti-money laundering regime – Part 1 In July 2021, HM Treasury launched a new AML consultation entitled ‘Amendments to the Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017’. This consultation outlined ways in which the government intended to amend the UK’s money laundering regulations (MLRs) with several time-sensitive […]
Reduced workforce? Here’s 5 health and safety areas you need to revisit
Maintaining health and safety standards in the new working world In 2022, a growing number of businesses have moved, or are in the process of moving, to a hybrid working model. As such, employers now have staff working from various locations, coming and going between home and the workplace. On top of this, staff shortages […]
Upcoming SRA AML survey: Make sure you’re prepared!
On your marks, get set and complete your SRA AML Questionnaire! The deadline for completing the mandatory SRA AML survey is 31 July. If your firm does work that falls within the scope of the Anti-Money Laundering Regulations 2017, your COLP should by now have received an email from the SRA asking you to complete […]
Omnitrack version 2.65.0
Improvement to lookup fields You can now look up ‘status’ under ‘system fields’ when creating a lookup field on your form. Selecting status will display the status of the submission you are looking up as part of the form you are adding the lookup field to. Improvement to Omnitrack query builder When creating field logic, […]
On-demand webinar: AML – Maintaining compliance in uncertain times
Keeping money launderers out of legal services has long been a priority of the SRA. In 2021, the SRA visited an average of 7 law firms a month to check on their money laundering systems. The majority were told to make changes to the way they work. Further, in its latest threat assessment, the National […]
Dismissal can still be unfair without two years of service
HR compliance is not always straightforward It’s a complicated time for employers and staff. A lot of people have been switching jobs, while others are concerned about the impact on their rights and job security if they switch roles. Changing jobs can bring with it an opportunity, but also concern about conditions and rights to […]
Your ESG guide to IIRC
ESG reporting framework ESG (Environmental, Social, and Governance) can feel like an overwhelming and confusing topic, from understanding which data should be tracked to figuring out which framework to use. Are ESG frameworks mandatory, or even necessary, for ESG? Which framework is right for your industry and type of organisation? What’s the benefit of aligning […]
What are examples of sanctions breaches?
Understanding why businesses get fined All businesses must comply with sanctions laws. Failure to do so is a criminal offence. In recent weeks, new laws in the UK have made breaching sanctions rules a strict liability offence. This means there’s no requirement for the business to have intended to breach sanctions. The fact that it […]