Regulatory Update For January 2024

Regulatory Update For January 2024

The Solicitors Regulation Authority (SRA) has announced significant updates. In this article we will be going through the latest Regulatory Update including information about postponed Accounts Rules changes, minor regulatory adjustments, and amendments in money laundering regulations. 

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SRA Accounts Rules Changes Postponed:

The SRA has delayed the implementation of planned changes to the Accounts Rules. For in-depth information on these changes, refer to Datalaw’s Accounts Rules Update webinar.

Minor Updates to Standards and Regulations:

Some minor changes have been made to the SRA’s Standards and Regulations, impacting freelance solicitors, pro bono workers, and those administering oaths outside private practice. The original consultation provides more details.

Amendments in Money Laundering Regulations:

The government has amended the Money Laundering Regulations 2017, especially concerning the treatment of domestic vs. non-domestic PEPs. Domestic PEPs are now considered lower risk, requiring less intensive due diligence. More information can be found in The Money Laundering and Terrorist Financing (Amendment) Regulations 2023.

Potential Changes to Legal Ombudsman’s Contact Details:

There are unconfirmed reports of a change in the Legal Ombudsman’s contact address, which is currently under investigation.

Datalaw’s January 2024 Regulatory Update Course

Datalaw’s SRA Compliance Update – January 2024 course offers an insightful update on the latest developments in legal regulation. The course, designed for legal professionals, covers important changes and updates, ensuring practitioners remain up-to-date. With topics like SRA Accounts Rules changes and updates to Standards and Regulations, it’s a concise and comprehensive resource for staying informed about the latest compliance requirements. Ideal for solicitors and law firms, this course is a valuable tool for ensuring adherence to the latest legal standards. For more information, visit Datalaw’s course page.

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