One of our client law firms has forwarded the email they received yesterday from the SRA giving them notice that the SRA will be asking them to answer specific questions about how they comply with the UK Sanctions Regime. They have provided a list of the questions they will ask. It is mandatory that the firm replies. A link to the questions is below. We have also put a copy of the email below.

You will read that the email with the questions will be sent out in early May and the answers have to be submitted by 31^st May 2023. This looks very similar to what the SRA did in relation to AML compliance. In that case they referred back to the answers when later doing audits on the AML within firms (we are helping a number of firms to deal with such AML audits). It would not be a surprise if the SRA follow a similar pattern with regard to Sanctions compliance enforcement.

The Email from the SRA

(In order to get this up quickly we have had to put this up as links to the 2 pages of the email, which see below. Apologies for the slight inconvenience.)

https://hunningsconsultancy.co.uk/wp-content/uploads/2023/04/SRA-Sanctions-email-page-1.png

https://hunningsconsultancy.co.uk/wp-content/uploads/2023/04/SRA-Sanctions-email-page-2.png

Link to the questions

https://hunningsconsultancy.co.uk/wp-content/uploads/2023/04/SRA-Sanctions-Questions-for-May-2023.pdf

Help & Assistance

• Answering the questions – feel free to reach out and we will see what help you need

• Training on the Sanctions Regime – we have been providing training for some time. Normally done remotely.

AML – we mentioned this above. We provide extensive assistance with AML:

• Review & updating of your existing documentation, policies & procedures
• Providing you with a fresh set of up to date documentation, policies & procedures
• Review & update of your Practice-Wide Risk Assessment
• Independent AML Audit - to check the implementation & operation of your AML regime in your firm
• AML Training
• AML Updating Retainer
• Assistance when the SRA carry out an AML inspection - see a link here to a Case Study

Contact us for more info:

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