Money Laundering: Time to Update Your Training
Whether you work for a big firm or a small one, you’ve probably noticed a renewal of interest in money laundering issues on the part of your principals in recent months. The Solicitors’ Regulation Authority (SRA) has made money laundering one of its key priorities this year, and has already carried out a number of inspections of money laundering procedures in bigger firms, not always it appears with results considered satisfactory. The SRA’s initiative will be followed later this year by new money laundering regulations in the UK, which will create additional responsibilities on solicitors to find out who is in control of suspect companies or trusts, and to prevent lawyers (among others) being used to facilitate terrorist financing. All in all, this is a good time to refresh your memory on the basic principles of the money laundering rules, and where necessary to ask for further training and guidance.