SRA updates its AML/CTF Sectoral Risk Assessment

2023 Internet Crime Report published by FBI
FATF requests feedback on payment transparency

The Solicitors Regulation Authority (SRA) has updated its AML/CTF Sectoral Risk Assessment.

The major changes from the previous Sectoral Risk Assessment dated July 2023 are as follows:

  • Coverage of new risks: vendor fraud, pooled client funds, third-party managed accounts, and irregular methods of transferring funds;
  • The classification of sanctions under its own risk heading;
  • Amended references to Covid-19, retaining risks which have become part of usual business and removing those which are no longer relevant;
  • Coverage of the risk of modern slavery in relation to cash-based industries;
  • The inclusion of further references to AI and cybercrime; and
  • An updated position regarding domestic PEPs.

Firms under SRA supervision can view the Sectoral Risk Assessment to remain up to date with emerging risks and trends that may impact their operations.

https://www.sra.org.uk/sra/research-publications/aml-risk-assessment/

Share with: