The focus on firms and whether they are complying with their anti-money laundering obligations continues, with a further firm having recently been fined £2,000 for multiple breaches, including it telling the Solicitors Regulation Authority (SRA) it had a compliant firm wide risk assessment (FWRA) in place when it didn’t; it also didn’t have in place compliant AML policies, controls and procedures.
The property sector remains a high risk area of work and according to the latest Financial Action Task Force (FATF) report there is “a poor level of understanding” of AML risks and how to mitigate them.
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- Legal
In the not too distant past a flexible working policy tended to be a standard, yet inconspicuous document, within a law firm’s policy and procedures library, which employees knew existed, yet many may not have called upon.
Fast forward to current times and the recent global pandemic has shifted our thinking, lifestyles and circumstances and has opened up opportunities for flexible and hybrid working arrangements that many of us would never have dreamed of several years ago, so much so that traditional flexible working policies are unlikely to remain fit for purpose.
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- Legal
The Access Legal July 2022 AML Update webinar covered a number of topics, including:
Keep reading for a breakdown and the key takeaways, or watch the AML update webinar on demand.
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- Legal
We are all aware that working arrangements within the legal profession have changed beyond recognition within the last couple of years, largely instigated by the COVID-19 pandemic. This year’s LPM Frontiers Report found that only 13% of firms surveyed expected their team to return to the ‘five days in the office’ model. Three days in the office was the most popular choice indicating that firms would prefer the balance to be tilted slightly in favour of working in the office over the course of a working week.
Whilst many firms have been responsive to the demand for hybrid working arrangements, a key consideration, which is often overlooked, is whether they are also modernising their approach to performance management to align with the new ways of working and indeed with new ways of thinking, such as the shift towards employee performance development and giving them opportunities to learn and grow.
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- Legal
In this blog we look at current market conditions for Solicitors Professional Indemnity Insurance (PII), and key areas that firms need to consider and address as part of their October 2022 renewal preparations.
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- Legal
The best way to look at a Firm Wide Risk Assessment (FWRA) is seeing it as the core of your Anti-Money Laundering (AML) approach within your law firm. As a firm you are to identify, assess and document your risks on your risk register but for AML you must consider these more deeply in your FWRA. This sets up how your policies will be written, how procedures will take place within your firm and how your clients and matters are assessed daily.
This article explains how to gain the most out of your FWRA and for it to be effective.
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- Legal
AML is a hot topic for the SRA at the moment and in its audits of firms, one of the main concerns has been a lack of understanding in many law firms in relation to source of funds.
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- Legal
Law firms can face substantial criminal sanctions for failing to screen employees as required by the Money Laundering Regulations (SRA “Regulations”). This can be a very hot potato for some law firms, as many tend to shy away from asking for, and providing, detailed references that include specifics regarding the sub-standard behaviour of former solicitors, and other staff, for fear of being sued for ‘saying the wrong thing’ (something which does not carry criminal sanctions).
In this article, we explore solicitor recruitment and employee screening conduct obligations of law firms and how to stay compliant.
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- Legal
The rules about law firm referrals from third parties and how to avoid problems
Our recent webinar looked at a number of important topics related to the involvement of law firms and solicitors in referral arrangements with external third parties. In this article we cover the rules under which law firms have to operate, common issues found in referral arrangements and agreements, and how firms can avoid problems going forward.
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- Legal
Why a law firm menopause policy is vital in 2022 and our top ten tips to becoming menopause-friendly
Not only do females make up 51% of the overall UK population, women of menopausal age (usually around 45-55 years of age) are the fastest growing demographic in the UK job market. Looking at the legal sector specifically, according to a 2022 report by the Solicitors Regulation Authority, 61% of solicitors are female, and women make up 74% of the workforce in terms of other staff working in law firms. Furthermore, the Law Society Gazette’s recent statistics show that 60% of new entrants to the profession are women.
A common misconception is that the menopause is an old woman’s thing, however the tide is turning, and people are waking up to the fact that it is not appropriate (not to mention against the law) to discriminate against and dismiss women who are going through this life changing stage. To put it into context, millennials are the largest generation in the workforce and the oldest of them are currently around 40 years old, and heading towards the perimenopausal period (the time leading up to full blown menopause, when hormone levels are decreasing and women may still be having regular periods, but symptoms are expected to start to appear).
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- Legal
