More evidence the SRA is on the case of law firms with poor compliance controls in place

More evidence the SRA is on the case of law firms with poor compliance controls in place

At Global BPO, we have seen our law firm clients grappling with the numerous and increasingly arduous regulatory requirements imposed on them by many sources.

Ensuring compliance is a time-consuming and expensive business –getting it wrong risks not only a possible financial penalty but also negative publicity which can be very damaging to a firm’s brand.

The profession’s regulator, the Solicitors Regulation Authority (SRA) has new powers to punish regulatory breaches and is increasingly pro-active in taking enforcement action against firms which fail to comply.

This puts growing pressure on law firms, particularly those that do not have infinite, internal resources to dedicate to compliance.

Latest example: UK financial sanctions regime

The latest example of the SRA paying close attention to compliance controls came earlier this month when it wrote to more than 1,000 law firms about complying with the UK’s financial sanctions regime. The sanctions regime applies to all firms that provide legal services, not just those that are captured by the anti-money laundering regulations.

The SRA has an ongoing programme of on-site inspections to test compliance with the regime and has said it will start proactive desk-based reviews later this year.

How can we help?

We can provide support to your existing teams who may be struggling to cope or facing a surge in activity.

Our compliance managers and compliance administrators will work closely with your business to ensure nothing falls through the cracks.

We are always led by our clients and can assist the MLRO, COLP, partners, heads of departments, supervisors, fee earners and PAs with a broad range of tasks including:

  • Performing Client Due Diligence (CDD) and Enhanced Due Diligence (EDD)
  • Quality checking completed Know Your Client (KYC) and Anti-Money Laundering files (AML)
  • Assisting with AML checks, reviews and assessments
  • Supporting checks on high-risk clients
  • Ensuring robust record keeping, including for second level review

The direction of travel for law firms is clear, regulation is increasing and compliance is becoming ever more important – the stakes are too high to leave it to chance.

Talk to us

For a confidential, no obligation chat about how we can help you, contact our Client Manager, Suzie Young at:


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