SRA Guidance on Sanctions Updated

The following changes were made:

• Controls for all firms: New information on how firms may inadvertently become involved in a Sanctions regime;
• Red flags for attempted circumvention: Updated red flags to include self-reporting responsibilities and the need to screen staff during onboarding;
• Reporting requirements: New information on firms’ reporting requirements; and
• Licensing: Further information on staying compliant with licence responsibilities.

All SRA-regulated firms, solicitors, registered European lawyers and registered foreign lawyers are expected to review the SRA Guidance and take any appropriate action in ensuring compliance with their Financial Sanctions requirements.