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Law firm compliance update: AML supervision, harmonised enforcement, data and open banking reforms, AI procurement clauses, cyber governance pilot, ethical standards consultation, SAR information‑sharing Q&A, and content updates

Published on: 13 March 2025

Published by a LexisNexis Practice Compliance expert
Legal News
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Article summary

In this issue:

  • AML, CTF & counter-proliferation financing
  • Data protection
  • Cybersecurity
  • Other Practice
  • Compliance updates this week
  • Question of the week
  • Daily and weekly news alerts
  • Trackers
  • New and updated content

AML, CTF & counter-proliferation financing

EU regulator eyes harmonised AML enforcement

Law360, London: Europe’s banking supervisor supports the EU’s forthcoming anti-money laundering (AML) authority taking a consistent approach to enforcement across member states, with sanctions calibrated to the seriousness of breaches. See News Analysis: EU regulator eyes harmonised AML enforcement.

Spotlight on Corruption reports ongoing deficiencies in legal sector AML

Spotlight on Corruption has reviewed the latest statutory AML reports from legal sector supervisors, building on its 2022 probe that exposed major supervisory gaps. The assessment highlights enduring doubts over the effectiveness of AML oversight in the legal profession, with earlier findings of widespread non-compliance and limited enforcement still unresolved. Despite the Office for Professional Body AML Supervision’s (OPBAS) remit, it has not delivered the required uplift in supervisory standards. Although the Solicitors Regulation Authority (SRA) has recently intensified enforcement, the overall picture indicates that deep reform of the legal sector’s AML supervisory framework remains essential to remedy systemic weaknesses that risk lawyers enabling money laundering...

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