Author archive: socrates

Crack down on law firms’ money laundering checks

Both the SRA and the National Crime Agency have launched crack downs on money laundering in law firms. Paul Philip, SRA Chief Executive, said “Our work will focus initially on those firms deemed at highest risk, but all firms need to be aware of the issue. There will be serious consequences for those who fail…

Data protection warning to law firms

The Information Commissioner has warned law firms to take better care of client files, particularly when taking paper files out of the office.  This follows a series of incidents in which lawyers have lost sensitive client information. We have updated the Socrates precedent Data Protection Policy, and sent a warning to subscribers.

Money laundering issues for estate agents

Three firms of estate agents were recently fined £246,000 for failing to put in place proper anti-money laundering processes.  This is a reminder that estate agents are regulated by the Money Laundering Regulations.  They must be registered with HMRC as their regulator for money laundering compliance purposes. Socrates is shortly launching a complete AML service…

New Consumer Contracts Regulations apply from 13 June

These regulations apply to retainers with consumers, from 13 June 2014.  They are horrible.  Full of traps and ambiguities. The consequence that when the retainer is a “distance contract” (e.g. most contracts made by phone or email) or made “off premises” and the client is a consumer, the client has a 14 day cooling off…

Consumer credit licence needed?

Before the OFT’s group licences expire on 1 April many firms arguably need to apply for an individual licence to do credit and insolvency related work.  We have sent subscribers our analysis of what they should do (or for most firms, not do).

10th anniversary

Socrates has now been in business for 10 years, over which time we have helped thousands of firms.  Here is to the next ten!

Accounts Rules training now live

Our new course on the SRA Accounts Rules is live, after months of work. We are rather proud of it. Suitable for lawyers needing a thorough explanation, and also finance staff and other support staff. Accredited for one hour’s CPD. It includes a highly interactive course, explaining what the rules are designed to achieve, how…

NCA replaces SOCA

From 7 October 2013 money laundering reports should go to the National Crime Agency, rather than the old Serious Organised Crime Agency.  We have updated our precedents, and sent a report to all subscribers.

Brush Up Your Employment Law

We have added this new course to our Brush Up Your Law range.  Like the others it comprises five modules, and lasts about 90 minutes in total.  Accredited for CPD and as a PSC elective. Call us for more details. The Brush Up Your Law series is aimed at those needing an overview of a…

FATF REPORT ON MONEY LAUNDERING

The recent Financial Action Task Force on the vulnerability of legal professionals to money  laundering confirms what we suspected, that the UK (along with the USA) is the country most likely to impose criminal or disciplinary sanctions on lawyers for breaching AML requirements The report includes over 100 case studies in which lawyers were targeted…

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