SRA puts firms on notice for money laundering compliance checks – risk assessment

Anti-money laundering audit

The SRA announced on 20 March 2019 that it is launching a crackdown against firms who fall foul of money laundering procedures. The regulator will initially write to a sample of 400 firms asking them to demonstrate compliance with the Money Laundering Regulations 2017. The SRA will be checking that firms have a money laundering risk assessment and implementation plan in place.

Failure to get to grips with the risk-based regime leaves firms vulnerable to money launderers and an easy target for criminals and terrorists trying to launder dirty money. While compliance can be a challenge, SRA chief executive Paul Philip says “compliance is not optional”. SRA Chief Executive Paul Philip said that his organisation is taking a robust approach to AML enforcement claiming that firms can be wittingly or unwittingly involved in crimes of money laundering and he expects firms to be vigilant in complying with the law.

Anti-money laundering risk assessment for law firms

VinciWorks has created a risk assessment that will help solicitors gain a clear understanding of whether they have the policies and procedures needed to ensure AML compliance.

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How to produce an AML training report

In the event of an SRA audit, you will be required to produce records and evidence of AML training at your firm. Generating these records is simple with the VinciWorks LMS. VinciWorks has published a short guide to creating an anti-money laundering training report.

VinciWorks’ AML training suite

VinciWorks’ AML training suite allows firms to train their entire staff, regardless of their current knowledge and understanding.

The suite includes our latest course, AML: Know Your Risk. The course takes the risk-based approach mandated by the Fourth Directive and drops users into real-life scenarios to test their knowledge, understanding and ability to uncover red flags.

All VinciWorks’ anti-money laundering courses have been updated in accordance with the Money Laundering Regulations 2017.