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UK Law Firm Compliance Forecast as at 19 March 2024—AML/CTF, Sanctions, Economic Crime Levy, ICO Consultations, SRA Guidance, and Key Bills

Published on: 20 March 2024

Published by a LexisNexis Practice Compliance expert
Legal News
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Article summary

We track proposed regulatory changes relevant to law firm compliance so you can plan for developments that may affect your organisation. You should review this carefully, but key items that ought to be on your radar are highlighted below.

New items we’re tracking this month

  • Consultation on the effectiveness of the MLR 2017—on 11 March 2024, HM Treasury launched a consultation on the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017). See: AML, CTF and counter-proliferation financing
  • Survey on the cost of complying with the MLR 2017—in parallel with the above consultation, HM Treasury is running a survey on the cost of compliance with the MLR 2017. See: AML, CTF and counter-proliferation financing
  • FCA to produce interpretive guidance regarding domestic PEPs—in its Sectoral Risk Assessment—Anti-money laundering and terrorist financing 2024, the SRA signalled that the FCA is to produce interpretive guidance on domestic PEP provisions. See: AML, CTF and counter-proliferation financing
  • Changes to Economic Crime Levy—from April 2024, the charge payable by businesses with UK revenue greater than £1bn under the...

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