SRA states law firms required to know "where clients' money comes from"
Lawyers in this country are seen as a high-risk jurisdiction for money laundering. Keeping family law (and the profession at large) free of money laundering is in all our interests.
Law firms should know exactly where their clients’ money come from according to The Solicitor’s Regulatory Authority (SRA.)
The regulator, who also ensures professional standards for family lawyers and family solicitors, has stated that solicitors must questions about client wealth before facilitating any transaction, as required by anti-money laundering legislation. Many law firms and solicitors are seen as attractive options because of the position of trust they hold. Furthermore, the SRA says the number of money-laundering related matters it deals with is increasing.
Anti-money laundering policies are key ways of disrupting serious crime. Money laundering is a crime that funds everything from terrorists to people traffickers; it is not a victimless crime.
Money laundering is a priority risk for lawyers as the credibility of UK law firms make them an obvious target for criminals. The overwhelming majority of solicitors want to do the right thing, however weak processes can leave the door open for criminals.
Law firms doing conveyancing work, handling client money (client accounts) and managing trusts are viewed to be the firms most at risk of being targeted. However, as a family law firm we take our anti-money laundering duties very seriously and conduct due diligence check on clients to verify identity.