In Ongoing Review of British Solicitors, AML Compliance Gaps Start to Show

By Irene Madongo

Early results from an ongoing regulatory review suggests that British attorneys are falling short of their anti-money laundering duties, in part by failing to report suspicions about their clients. The Solicitors Regulation Authority (SRA) is expected in May to wrap up an outreach program to improve the compliance controls of approximately 500 law firms tasked with identifying money launderers under the industry's code of conduct and the U.K. Proceeds of Crime Act. With fewer than 200 reviews to go, the SRA has found that one in 10 firms it has evaluated merits a follow-up visit to reinforce regulatory expectations, according...