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October 2024 Law Firm Compliance Horizon Scan: SRA AML Inspections, ICO Data/Cyber Guidance, Employment Rights Bill, Sanctions Strategy and Other Key Regulatory Changes

Published on: 16 October 2024

Published by a LexisNexis Practice Compliance expert
Legal News
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Article summary

As at 15 October 2024, our Practice Compliance forecast maps out proposed regulatory shifts relevant to law firm compliance, enabling you to prepare for developments that could affect your organisation. A careful read is essential; below we flag several points that merit attention.

New items we’re tracking this month

  • SRA inspection and review plans—the Solicitor’s Regulation Authority (SRA) has confirmed its next thematic review will examine source of funds. It also intends to carry out two further inspection rounds between January and March 2025, concentrating on AML and sanctions. See: AML, CTF and counter-proliferation financing
  • SRA guidance on sham litigation—the SRA told delegates at the Law Society Anti-money laundering and financial crime conference 2024 that it plans to issue guidance on sham litigation in October 2024. See: AML, CTF and counter-proliferation financing
  • Anonymisation, pseudonymisation and encryption—the Information Commissioner’s Office (ICO) expects to release refreshed guidance on encryption in winter 2024, and on anonymisation and pseudonymisation in spring 2025. See: Data protection, AI and cybersecurity
  • Cloud computing—the ICO has signalled it will update its cloud computing guidance in winter 2025...

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