The Office of Trade Sanctions Implementation (OTSI), part of the Department for Business and Trade (DBT), has released updated guidance outlining its enforcement powers since the foundation of OTSI in October 2024 according to new guidance by the SRA. OTSI oversees the civil… Read More »New SRA Guidance on Trade Sanctions Enforcement
While some firms have improved their procedures in response to SRA Guidance and advice, many still struggle to comply with the rules governing residual balances. Failure to address residual balances can result in significant consequences, such as reputational damage, business… Read More »SRA Open Consultation on Residual Balances in 14 November 2024
The Solicitors Regulation Authority (SRA) has recently imposed significant fines on multiple law firms for breaches of anti-money laundering (AML) regulations, with the highest fine reaching £24,540. A common failing among these firms was the absence of a firm-wide risk… Read More »The Highest AML Fine by the SRA in 2024 was £24,540
The Solicitors Regulation Authority (SRA) has warned law firms about sham litigation, a tactic criminals use to bypass anti-money laundering (AML) rules by disguising illicit funds as legitimate legal disputes. In new guidance published by the SRA in January 2025,… Read More »The SRA Warns over Sham Litigation
A London-based law firm and its director have been fined £25,000 each – totalling £50,000 – for serious compliance failures, including breaches of the SRA Accounting Rules and anti-money laundering (AML) deficiencies. The Solicitors Disciplinary Tribunal (SDT) found that the… Read More »London Firm Fined for Residual Balances, Source of Funds Checks and Non-Compliances in AML
According to Legal Futures, the Solicitors Disciplinary Tribunal (SDT) is set for a 25% budget increase in 2025, rising from £2.5 million to £3.1 million, in response to a spike in cases referred by the Solicitors Regulation Authority (SRA). This… Read More »SDT Budget Set to Rise by 25% Amid Surge in Disciplinary Cases
According to an article by the Law Gazette, the Solicitors Regulation Authority (SRA) faces historic enforcement action by the Legal Services Board (LSB) following its mishandling of the 2023 collapse of law firm Axiom Ince. An independent review found the… Read More »SRA Faces Enforcement Over Mishandling of Axiom Ince
The World Uyghur Congress Court of Appeal Case June 2024 Family lawyers need to be aware of the risk of unintentionally receiving criminal property as payment for legal fees, particularly after the judgement handed down in June 2024 in the… Read More »Family Lawyers can face Criminal Liability
The Metropolitan Police released an article in August 2024, detailing a successful persecution of seven members of a criminal Chinese underground banking group by British police forces. Following an operation that spanned more than three years, a money laundering network… Read More »Officers Uncover £55 Million Laundered through Chinese Underground Banking Channels in the UK
In September 2024, a growing number of legal professionals have voiced strong opposition to the Solicitors Regulation Authority’s (SRA) proposed plans to drastically increase its fining powers. Several prominent legal bodies, including the City of London Law Society, have already… Read More »Lawyers Condemn the SRA’s Increased Fining Powers