News
Latest on risk management, professional indemnity and compliance issues.
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March 12, 2024
FATF Updated Guidance on Beneficial Ownership and Transparency of Legal Arrangements
See here.
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March 11, 2024
HM Treasury consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
See here.
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March 8, 2024
SRA draft guidance for in-house solicitors
See here.
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March 6, 2024
Law Society guidance: The UK sanctions regime
See here.
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March 6, 2024
The Principal Office Address (Rectification of Register) Regulations 2024
These Regulations make provision about the registrar’s powers to change the address registered as the principal office of company directors, secretaries and persons with significant control (“relevant persons”), where the registrar is not satisfied that the address is in fact their principal office. The Regulations allow the registrar to act on the registrar’s own motion or on application.
See here.
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March 6, 2024
SRA Sectoral Risk Assessment (Updated 5 March 2024)
Updated SRA Sectoral Risk Assessment drawing attention to the following new risks:
1️⃣ Vendor fraud.
2️⃣ Pooled client funds.
3️⃣ Third-party managed accounts.
4️⃣ Irregular methods of transferring funds.
5️⃣ Sanctions risk has been placed under its own risk heading.
6️⃣ Updated references to Covid-19.
7️⃣ Modern slavery in relation to cash-based industries.
8️⃣ Further references to AI and cybercrime.
9️⃣ Updated position with regard to domestic PEPs.See here.
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March 5, 2024
Country Risk FAQs – Wolfsberg Group
See here.
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March 5, 2024
Post-Legislative Scrutiny Memorandum: Sanctions and Anti-Money Laundering Act 2018
This memorandum has been prepared by the Foreign, Commonwealth and Development Office and provides a summary and a preliminary assessment of the provisions and implementation of the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”).
See here.
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February 27, 2024
An update on OFSI’s licensing process and policies – Office of Financial Sanctions Implementation
See here.
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February 26, 2024
FATF publish plenary outcomes with updates to ‘grey’ list
Outcomes from the FATF February plenary have now been published with changes to the High Risk Countries list. The update removes United Arab Emirates, Gibraltar, Uganda and Barbados and adds Kenya and Namibia.
See here.