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The SRA issued its Warning Notice to Firms in October 2023, stating:
“We continue to see a persistent level of non-compliant client/matter risk assessments, and this remains an area where improvement is necessary. Undertaking effective client/matter risk assessments is a key step in preventing money laundering as it should inform the correct level of client due diligence to apply, as well as ongoing monitoring.”
It is evident, that even with a template assessment form, this remains an area in which law firm staff continue to struggle.
In this session, Norman Denton, Senior Compliance & Regulatory Specialist at Legal Eye, will consider:
• how client and matter risk assessment should be approached
• how you demonstrate ongoing assessments
• source of funds and wealth
• good and poor practices in evidence