Law firms have been ordered by the regulator to review their anti-money laundering processes and take immediate action if necessary.
The fifth Anti-Money Laundering Directive (5AMLD) came into force today (10 January) and tightens the obligations on businesses to deter money laundering.
This means as of today, firms have greater responsibilities to keep the proceeds of crime out of legal services under the amended regulations.
The Solicitors Regulation Authority (SRA) warned firms to “re-assess their processes” and make immediate changes where necessary.
However, updated guidance for the legal profession on 5AMLD will not be available for many months pending government approval.
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