How do firms protect themselves in today’s regulatory environment?

Straight talk on aligning regulatory priorities from panellists at the Law Society’s Risk and Compliance Annual Conference 

Many law firms’ regulatory priorities are determined by outside forces, such as regulators or guidance. But, as Richard Farquhar, financial crime and risk manager for Ashurst, noted, firms can’t just focus on that. They need to look at wider obligations and determine what the risks are.

Farquhar moderated a panel at the Law Society’s Risk and Compliance Annual Conference 2024 that focused on how law firms can manage their compliance in the current regulatory environment.

Andy Donovan, managing director and founder of VinciWorks’ Compliance Office, said that firms need a more bespoke approach. Customised compliance is more effective, he noted. Get specific, he counselled, and make sure you have audits in place. if you’re not checking it, it’s not happening, he added.

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New guidance and changes in the AML space

New guidance and changes in the AML space

For firms subject to AML regulations, there’s been a host of new rules and guidance. Here are the key reminders and  takeaways

The Law Society has published proposed updates to Legal Sector Affinity Group (LSAG) as an addendum. They await Treasury approval of the wording. The changes are largely reminders and clarification on certain points and are not likely to have a large impact. 

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