AML: SRA Reviews, Warning Notices and More [2024]

PLEASE NOTE: This SRA Webinar will be viewable from 20th March 2024.

In a spirit of increasing exasperation, the SRA issued two key documents in 2023 – a Thematic Review which focussed on the matters that a law firm needs to be getting right in its practice-wide risk assessment, and a Warning Notice about the importance of client and matter risk assessments.

Neither said anything of much novelty, but they made several important points about content, over-familiarity and being able to justify our conclusions on client and matter risks.

The seminar will focus on:

• SRA Thematic Review
• Things to focus on in our Practice-wide Risk Assessments
• SRA Warning Notice
• How to undertake a client risk assessment
• How to undertake a matter risk assessment
• New burdens on us to justify our conclusions

Key points to take away:

• • The importance of undertaking thorough CDD – even if it feels un-necessary
  • Key information that we need to consider as part of the Practice Wide Risk Assessment
  • The importance of client and matter risk assessments
  • Key point – explain the rationale. Why do you think this matter is medium risk? Why is it not high?
  • Record everything – if in doubt, write it down