* Now Updated with the Email with the actual request for info*
The SRA seem to be emailing firms they regulate to ask them to get ready for a request for information concerning AML on matters they have worked on in the last year. This is kind of them! They state that they will contact firms in June to tell them how they submit the information. The deadline for submitting this will be 31st July 2022. A response in mandatory under 3.3 of our Code of Conduct for Firms. The responsibility for submitting the information falls on the COLP. The SRA state that they may take action if firms fail to provide the information. In the past they have levied fines of several thousand pounds. Please check in your 'Junk' mail inbox in case the email has gone there.
They are giving firms a 'heads up' of what the data is that they will be requesting. It concerns matters worked on in the last year. With regard to what 'the last year' means they write:
"Where we ask for information in relation to 'the last year'. Please choose whatever time period works for your firm, this could be:
The last calendar year
The last tax year or
The last year to date"
Below is a copy of the email that some of our client firms have received from the SRA and then also the questions that the SRA are asking so you may see what info they want.
Whilst here, please note that we can help with your questions about AML, we provide an Independent AML Audit, AML Training and support for all compliance issues facing SRA regulated firms - plus also a DPO service and assistance with Data Protection compliance. Feel free to fill in the form below to request further information.
First here is a copy of the actual request that is going out to firms in June - deadline for submission 31.7.22