All firms regulated by the Solicitors Regulation Authority (SRA) have been contacted regarding a data collection exercise.
Firms are required to answer questions about the work they carry out within the scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), anti-money laundering (AML) procedures, sanctions, suspicious activity reports (SARs) they have submitted to the National Crime Agency (NCA), and more. Data collection will be initiated in early August until mid-September 2024.
Should you require assistance, Audit Compliance can assist your Compliance Officer for Legal Practice, Money Laundering Compliance Officer and/or Money Laundering Reporting Officer in answering this questionnaire, for which a specimen can be found below.
Reference:
SRA Firm Anti-Money Laundering and Sanctions Data Requirements
https://www.sra.org.uk/sra/news/firm-anti-money-laundering-sanctions-data-requirements