SRA announces new requirements for firms
The SRA is required by its regulator, the Office for Professional Body Anti-Money Laundering Supervision to take a risk-based approach to supervision. It states that to supervise the legal sector effectively, it needs to have accurate data to see the distribution of risk across the legal profession. This in turn informs its programme of inspections […]
EU defies FATF to keep UAE on money laundering grey list
In a stunning rebuttal to the global financial crime watchdog the FATF, the European Parliament voted on Tuesday 23 April to keep the United Arab Emirates on the EU’s list of High Risk Third Countries. This will complicate due diligence efforts for regulated entities who may no longer be able to rely solely on the […]
In Queensland, new money laundering laws will restrict cash gambling at casinos
The move comes as Australia seeks to implement stricter AML laws nationwide In an effort to prevent money laundering, Queensland implemented legislation that limits cash gambling at the state’s casinos. The new law also involves identity verification and a code of conduct at casinos. The legislation comes as Tranche 2 anti-money laundering (AML) reforms are […]
Changes are coming to Australian AML. Its banks need to get ready
Australia’s banking sector is at medium to high ML/TF risks A national risk assessment on major banks and other domestic banks operating in Australia indicated that they are at medium and high risks for money laundering and terrorist financing (ML/TF) activities. Tranche 2 anti-money laundering (AML) reforms are likely to soon come into force in […]
Proliferation financing in Australia: the rise of a new money laundering challenge
What is proliferation financing and what do regulated entities have to do? Proliferation Financing (PF) is an international crime which facilitates the movement and development of illegal goods in order to provide weapons of mass destruction for rogue states like Russia, Iran and North Korea. It has become an increasing cause of global concern over […]
Mitigating the risk of Proliferation Financing
A policy template to help the regulated sector manage PF compliance Proliferation Financing (PF) is an international crime which facilitates the movement and development of illegal goods in order to provide weapons of mass destruction for rogue states like Iran, North Korea and Russia. It has become an increasing cause of global concern over the […]
Proliferation financing in practice: PF case studies and examples
What is proliferation financing? Proliferation financing is of significant concern to every business in the regulated sector. A series of amendments to the UK Money Laundering Regulations 2017 came into force 1 September 2022. The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 include an obligation for regulated entities to identify, assess and […]
Proliferation financing in practice: template emails and one-pagers
All firms in the regulated sector must undertake a proliferation financing risk assessment, either a stand alone risk assessment, or as part of their existing money laundering and terrorist financing risk assessments. However proliferation financing compliance must go beyond a risk assessment. The risk assessment process will result in a series of mitigation measures. This […]
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 […]
The Law Society to UK government: Limit SRA fining powers
At its Risk and Compliance Annual Conference, Law Society president expresses concerns The Law Society’s Risk and Compliance Annual Conference 2024, started off with a bang. Nick Emmerson, president of The Law Society, noted that, along with increasing compliance obligations on law firms were increasing fining powers by the Solicitors Regulation Authority (SRA). Emmerson was […]
