Law firms which fall within the scope of the Money Laundering Regulations 2017 will need to provide the Solicitors Regulation Authority (SRA) with more data by the end of July, or face regulatory action
The SRA issued a call this week to the 6,000 law firms affected. The data required covers the value of work conducted for their largest single client, physical cash thresholds, how much higher risk work they conduct, and number of internal concerns raised about potential money laundering risk and suspicious activity reports submitted.
For more information, see here.
