30 Aug 2018
The Solicitors Regulation Authority (SRA) has launched a survey into how firms and solicitors have responded to legislative changes set out in new anti-money laundering regulations.
The purpose of the exercise is to ‘better understand the impact of the Government’s changes and ‘how we can help support firms with their money laundering work,’ the SRA explained.
The survey, to be completed by the Money Laundering Reporting Officer (MLRO), covers topics such as processes and procedures firms have implemented to help establish a risk-based approach, approaches to completing client due diligence as well as the use of the suspicious activity reports (SARs) regime and HM Treasury sanctions lists.
Other topics include anti-money laundering training provision and attitudes towards money laundering.
In line with other EU countries, the UK has implemented the latest EU Anti-Money Laundering Directive which has introduced changes to key areas such as beneficial ownership and the treatment of politically exposes persons (PEPs).
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