SRA financial penalties framework consultation –…
We have serious concerns about the Solicitors Regulation Authority’s (SRA) proposals to further develop its financial penalties framework.
Key findings include the most common breaches reported by legal public body supervisors (PBSs):
Many PBSs also noted that non-compliance and poor AML procedures were most common with smaller firms and sole practitioners, who often failed to understand the importance of having adequate AML controls in place.
A long-standing relationship between a client and a business leading to insufficient checks was also noted by many PBSs as being a common theme among non-compliant members of their supervised population.