SRA Issues New Data Reporting Requirements for AML and Sanctions Compliance for Firms

July 3, 2024

The Solicitors Regulatory Authority (SRA) has issued a new update on data provision requirements for anti-money laundering (AML) and sanctions compliance.

Firms must soon submit details of their activities under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017. In addition, companies must report any dealings with sanctions governance or any designated individual. The SRA also focuses on submitting a Suspicious Activity Report (SAR) to the National Crime Agency (NCA).

Also Read: US and India Co-Chair Anti-Money Laundering/Counter Terrorist Financing Dialogue

Firms must provide accurate information to the best of their knowledge. In the absence of accurate information, estimates are accepted. The submission window will open in early August.

Scope of Requirements

The new requirements mandate that all regulated firms provide comprehensive data on:

  • Activities within the scope of AML regulations
  • Contact or involvement with the sanctions regime and designated persons
  • Submission of suspicious activity reports to the NCA
  • Firms not involved in these regimes must submit a nil return, ensuring the accuracy and completeness of the data collected.

A sample questionnaire is available to help companies prepare for this data collection. This document is intended for guidance only. All requests must be submitted through the designated online portal. Submissions by email or hard copy will not be accepted.

Who Should Complete the Questionnaire?

The questionnaire should be completed by an individual holding one or more of the following roles: Money Laundering Compliance Officer, Compliance Officer for Legal Practice, Authorised Signatory, and Money Laundering Reporting Officer (MLRO).
Also Read: How to Become a Compliance Officer: A Career Building Guide

Purpose of Data Collection

While elaborating on the purpose of data collection, the SRA underscores that accurate information is crucial for effective legal department management. It provides insights into risk distribution across the business, guiding inspection programs and resource allocation efficiently. Maintaining up-to-date and relevant data is crucial for evolving and adapting a supervisory approach.

If the data is published it will be anonymized to prevent the identification of any individuals or firms.

For further information on privacy, data, and information handling, visit the SRA’s website.