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Latest Risk & Compliance News

EU regulator eyes harmonised AML enforcement

Law360, London: Europe's banking regulator wants the EU's planned anti-money laundering (AML) authority to harmonise enforcement across member states, penalising rule breaches against categories of severity.

LSB launches consultation on strengthening lawyers' ethical standards regulation

The Legal Services Board (LSB) has launched a consultation on new regulatory measures to strengthen ethical standards in the legal sector. The proposals, published on 6 March 2025, aim to reform how lawyers' ethics are taught, overseen and supported in workplaces. The consultation addresses legal education, training and codes of conduct, responding to evidence of ethical failures including court misleading and misuse of Strategic Lawsuits against Public Participation. The consultation closes on 29 May 2025 and forms part of the LSB's broader initiative to enhance professional ethics in legal services.

Spotlight on Corruption reports ongoing deficiencies in legal sector AML

Spotlight on Corruption has published a report reviewing the latest statutory anti-money laundering (AML) reports from legal sector supervisors, following its 2022 investigation which identified significant supervisory shortcomings. Its analysis reveals persistent concerns about the effectiveness of AML supervision in the legal sector, with previous findings of high non-compliance rates and insufficient enforcement action remaining unaddressed. Despite the Office for Professional Body AML Supervision's (OPBAS) mandate, it has not achieved the necessary improvements in supervisory standards. While the Solicitors Regulation Authority (SRA) has recently increased enforcement activities, the overall findings suggest that fundamental reform of the legal sector's AML supervisory framework remains necessary to address systemic weaknesses in preventing lawyers from facilitating money laundering activities.

Risk & Compliance weekly highlights—6 March 2025

This week's edition of Risk & Compliance weekly highlights includes: the European Parliament’s work on tensions between the EU AI Act and the EU GDPR regarding algorithmic discrimination, an update to guidance on trade sanctions licences, the expiration of the OFSI General Licence related to Russian oil majors, a FATF consultation on updated guidance, a News Analysis on the anticipated UK national AML risk assessment, economic crime provisions in the Crime and Policing Bill, and an inquiry into forced labour in UK supply chains.

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