SRA – updated warning notice: Compliance with the money laundering regulations – firm risk assessment

SRA – updated warning notice: Compliance with the money laundering regulations – firm risk assessment

The SRA has reminded firms of the requirement to keep their firm risk assessment up to date. It has expressed concern that many firms have not taken account of the SRA’s sectoral risk assessment, fail properly to address the risks posed by Politically Exposed Persons (PEPs) and high risk jurisdictions, and are based on templates with prepopulated specimen text.  Around 20% were non-compliant.

See here.