SRA wants to hear how law firms are complying with the UK’s financial sanctions regime

The United Kingdom’s Solicitors Regulation Authority (‘SRA’) is asking law firms under its authority to fill out a questionnaire on how they are complying with the UK’s financial sanctions regime.

‘We require all firms, for which we do not already hold such information, to complete a short assessment outlining how you are making sure you comply with the UK’s current financial sanctions regime,’ the SRA said, adding that the window for providing the information is from 2-31 May.

‘All SRA-regulated firms who were not previously required to provide a return as part of our 2022 anti-money laundering information exercise must take part in this exercise,’ the independent regulator said.

The firms also ‘must ensure they comply with sanctions legislation, including ensuring they are not receiving fees for work for a designated person outside of a licence from OFSI,’ the SRA said, warning that, ‘Breaching such requirements can result in criminal prosecution or a fine.’

https://www.sra.org.uk/sra/news/financial-sanctions-questions/