UK's Solicitors Regulation Authority Releases Anti-Money Laundering Annual Report

The U.K. Solicitors Regulation Authority in October released its "Anti Money Laundering annual report 2021-22," finding that 26% of the SRA-reviewed anti-money laundering policies implemented by 224 firms failed to mention steps a fee earner should take to ensure that a client is not subject to financial sanctions. The report said the consequences of noncompliance are high, given the Office of Financial Sanctions Implementation's aggressive enforcement. It said compliance can be ensured via correctly identifying sanctioned individuals and entities, avoiding providing listed individuals and entities with prohibited services and ensuring all reporting obligations are fulfilled. SRA said it will boost its sanctions compliance work in the upcoming year.