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AML and sanctions data collection - What you need to know

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Manage episode 438336345 series 3467886
Contenu fourni par Today's Wills and Probate and Today's Wills. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Today's Wills and Probate and Today's Wills ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.

The Solicitors Regulation Authority (SRA) has recently requested law firms complete an anti-money laundering and sanctions data collection exercise. The SRA is required by Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to take a risk-based approach to supervision and is requesting firms complete the requested information as full as possible.

It will, they say enable them to "see the distribution of risk across the legal profession, which in turn informs our programme of inspections and our guidance."

The latest Today's Wills and Probate podcast welcomes Gavin Ball of HiveRisk to tackle the tricky topic of what firms need to be thinking about when it comes to completing the information, and wider considerations when it comes to firms' anti-money laundering policies, processes and procedures.

In 2024 alone law firms have been fine £200,000 directly relating to failures in their anti-money laundering and sanctions processes.

Gavin goes on to discuss the areas he sees firms failing on as a compliance specialist. He talks technology and how it can help firms with their compliance obligations but warns the key is understanding what the information is telling you... in their audits the SRA will challenge firms and staff to interpret reports provided through technology and how to interpret its content.

Gavin also discusses politically exposed persons (PEPs), sanctions, and how to deal with reporting suspicious activity (SARs) to the National Crime Agency (NCA) in this informative and insightful podcast.

The deadline for firms to complete the SRA form is by 13.00 on 23 September 2024.
The Today's Wills and Probate podcast is available on your preferred podcast provider, and at www.todayswillsandprobate.co.uk. Subscribe today to hear all the latest news and views across the wills and probate sector.

  continue reading

53 episodes

Artwork
iconPartager
 
Manage episode 438336345 series 3467886
Contenu fourni par Today's Wills and Probate and Today's Wills. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Today's Wills and Probate and Today's Wills ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.

The Solicitors Regulation Authority (SRA) has recently requested law firms complete an anti-money laundering and sanctions data collection exercise. The SRA is required by Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to take a risk-based approach to supervision and is requesting firms complete the requested information as full as possible.

It will, they say enable them to "see the distribution of risk across the legal profession, which in turn informs our programme of inspections and our guidance."

The latest Today's Wills and Probate podcast welcomes Gavin Ball of HiveRisk to tackle the tricky topic of what firms need to be thinking about when it comes to completing the information, and wider considerations when it comes to firms' anti-money laundering policies, processes and procedures.

In 2024 alone law firms have been fine £200,000 directly relating to failures in their anti-money laundering and sanctions processes.

Gavin goes on to discuss the areas he sees firms failing on as a compliance specialist. He talks technology and how it can help firms with their compliance obligations but warns the key is understanding what the information is telling you... in their audits the SRA will challenge firms and staff to interpret reports provided through technology and how to interpret its content.

Gavin also discusses politically exposed persons (PEPs), sanctions, and how to deal with reporting suspicious activity (SARs) to the National Crime Agency (NCA) in this informative and insightful podcast.

The deadline for firms to complete the SRA form is by 13.00 on 23 September 2024.
The Today's Wills and Probate podcast is available on your preferred podcast provider, and at www.todayswillsandprobate.co.uk. Subscribe today to hear all the latest news and views across the wills and probate sector.

  continue reading

53 episodes

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