Archives: Conduct, practice and risk management

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NCSC – legal sector cyber threats

February 2024 | Conduct, practice and risk management

We reported in our July/August 2023 edition (p29) on the NCSC free tool to help firms, ‘Check Your Cyber Security’. The NCSC has updated its report, ‘Cyber Threat Report: UK Legal Sector’, and it should be required reading for all law firms. The report summarises the key issues facing the sector and contains links to …

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SRA – firm-wide risk assessments

December 2023/January 2024 | Conduct, practice and risk management

The SRA has produced useful guidance regarding firm-wide risk assessments. They state that: ‘Firms that are within scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the money laundering regulations”) must have a written firm-wide risk assessment in place. The requirement to produce a firm risk assessment …

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SRA – AML Annual Report 2022/23

December 2023/January 2024 | Conduct, practice and risk management

It seems appropriate to include reference to the SRA’s 2022/23 annual report. All MLROs and those responsible for producing the firm-wide risk assessment should read it, but some interesting findings are as follows: The SRA records the reasons why a report has been made. In 2022/23, there were 249 money laundering-related reports, with 522 reasons …

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