The SRA published this report on 31st July. Suprisingly it is written so as to be realtively easy to read. We recommend that all owners snd compliance officers of law firms do so. Here is a link to the document: https://www.sra.org.uk/sra/research-publications/aml-risk-assessment/

The document sets out information on money laundering, terrorist financing and proliferation financing risk that we consider most relevant for firms the SRA supervise.

The SRA writes: "All firms that are within scope of the Regulations must comply with all the regulatory requirements. This includes taking appropriate steps to identify, assess and maintain a written record of their risk of being used for money laundering or terrorist financing.

Firms must have regard to this risk assessment, and any updates, when creating and maintaining their own written risk assessment as required by Regulations 18 and 18A of the Regulations, along with a comprehensive knowledge of their business and clients.

We may ask to see your firm's risk assessment."

The most common weaknesses we have observed included inadequate:

• source of funds checks
• independent audits
• screening of staff and
• matter risk assessments.

If you need help:

AML & Sanctions Training: https://hunningsconsultancy.co.uk/aml-training-when-are-you-required-to-do-this/

Independent AML Audit: https://hunningsconsultancy.co.uk/independent-aml-audit/

Practice or Firm Wide Risk Assessment Review: https://hunningsconsultancy.co.uk/aml-review/

Help with an SRA AML Audit or inspection: https://hunningsconsultancy.co.uk/sra-audits-inspections-assistance/