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July 10, 2020
Property and registration fraud | The Law Society
The Law Society has issued an updated Practice Note on Property and registration fraud, see here.
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July 6, 2020
ICO blog on video conferencing security
See here.
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July 1, 2020
SRA board report on continuance of the Solicitors Indemnity Fund
See here.
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July 1, 2020
SRA report on the state of the professional indemnity insurance market
See here.
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June 29, 2020
Explaining decisions made with AI: The Information Commissioners’ Office has finalised its guidance
See here.
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June 29, 2020
European Commission’s evaluation report of the General Data Protection Regulation (GDPR), published 24 June 2020
See here.
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June 25, 2020
Deferral of reporting deadlines for DAC 6
The Government is deferring the first reporting deadlines under the International Tax Enforcement (Disclosable Arrangements) Regulations 2020 by six months . See here.
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June 22, 2020
Updated SRA Transparency Guidance
See here.
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June 22, 2020
National Audit Office Report: Investigation into remediating dangerous cladding on high‑rise buildings
Cladding remediation works are being delayed by complex ownership arrangements, for example involving offshore investors, and multiple layers of ownership, according to a National Audit Office report. (See paragraph 1.17.) See report here.
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June 18, 2020
FCA fines Commerzbank London £37,805,400 over anti-money laundering failures
The Final Notice contains some points to note for professional services firms generally. There were no suggestions of money laundering taking place. Breaches included a significant backlog of refreshing CDD checks due to understaffing, leading to an exceptions process which was inadequately understood. A file review of CDD by Compliance failed to identify failures over the risks associated with clients that had an “element of state ownership (in high risk jurisdictions), and a number of politically-exposed individuals on their board”. There were multiple failures in relation to PEPs and sanctions screening, and in identifying beneficial ownership, in many cases being too willing to accept responses and information from the customer without independently verifying or challenging them. See here.
