SRA AML Annual Report 2022/2023 – facts, figures & the future
Every year the SRA publishes their Annual AML Report and it has now landed in our inbox!
Full of interesting facts, figures and findings it is apparent that many firms still have a long way to go to be compliant.
- 224 firms were inspected with only 41 of those firms being compliant and, scarier still, 68 firms being referred for investigation
- The SRA took enforcement action on 47 law firms with fines of £137,402
- 24 Suspicious Activity Reports (SARs) were made by the SRA to the National Crime Agency (NCA) with total assets of over £75m
The list goes on! The latest Money Laundering Regulations have been in place since 2017, over six years, and we have no excuse for getting it wrong. Although most firms are working hard many of them are not compliant, which in turn may result in higher fines being handed out by the SRA.
This live and interactive session will cover the following:
- Facts, figures and findings
- Top tips for compliance in these 12 key areas:
- Firm wide risk assessments
- Client/matter risk assessments
- Policies, controls and procedures
- Identify and verify
- Ongoing monitoring
- Source of Funds and Source of Wealth checks
- Enhanced due diligence and high risk jurisdictions
- Simplified due diligence
- Discrepancy reporting
- Identifying and scrutinising of transactions
- The year ahead!
Joanna Morris has over thirty years’ experience of working in solicitors’ practices from being a legal cashier, practice manager and training manager. Joanna is a freelance trainer and consultant, having previously been the Risk and Regulatory Compliance Training Manager at a top 40 law firm.
Jo currently delivers training in many compliance subjects, both to the public and in-house clients, on AML, GDPR, SRA Accounts Rules and courses designed specifically for the MLRO, DPO, COLP and COFA.
She is a qualified NVQ assessor and holds a Certificate In Education for Teaching in the Lifelong Learning Sector.
She was highly commended in June 2011 by the Legal Education and Training Group (LETG) in the category Best Programme for Lawyers for Solicitors Accounts Rules training. She was shortlisted in the Compliance Trainer of the Year category in the C5 Women in Compliance Awards in 2014.
‘SRA AML Annual Report 2022/2023 – Facts, Figures & The Future’ is part of a series of lunchtime one-hour webinars the Sussex Law Society is holding every two weeks between September and December 2023 on some of the most important areas of compliance for law firms. These ‘stand-alone’ sessions will keep you up to date with any new updates being released by the SRA and others.