MONEY LAUNDERING WOES

Firms are not doing enough to prevent money laundering and some are falling seriously short of basic requirements, the SRA has reported. In a review of 59 firms providing trust and company services the regulator found a range of breaches of the 2017 regulations along with poor training and processes. 26 firms have been put into disciplinary processes. A key area of concern was risk assessments. The SRA has now issued a warning notice stating that it is potentially serious misconduct not to have a money laundering risk assessment in place. 7 May 2019