SRA Standards and Regulations 2019 – Principle 4 To Act with Honesty

The much-anticipated SRA Standards and Regulations 2019 have been live since 26th November 2019 and I am sure many law firms are still racing around updating policies and training staff on what this means for them. The Solicitors Regulatory Authority (“The SRA”) have driven this change to the Regulations with a view to enabling innovation, growth and increased competition in the legal market, something which the legal sector seems to be falling behind on compared to other sectors. Not much has changed in the Regulations, as the SRA’s main aims were to make simpler rules which were focused on higher professional standards as well as making it easier for law firms to make their own decisions a

Don't forget to pay your ICO fee!

The UK Information Commissioner’s Office (ICO) has recently launched a campaign to send reminders to all UK registered companies to ensure that they comply with their legal obligation to pay an annual data protection fee, where this applies. This is the start of an extensive project by the ICO to ensure that the fee is paid by everyone who needs to pay it. Under the Data Protection Act 2018 organisations processing personal information are required to pay a data protection fee unless they are exempt – this fee replaces the old annual registration fee. If you are an organisation holding personal information for business purposes on any electronic device, including using CCTV for crime preven

The benefits of Electronic Verification

The world of electronic verification is an ever-evolving industry, with some providers supporting features like facial recognition, authentication of documents, direct access bank account information, and PEP and Sanctions screening. Electronic verification should provide you with a level of certainty that the individual is who they say they are and, for corporate entities, that a legal entity exists and has an active company status. Electronic identification can be used either as part of a wider process or, where appropriate, as the only source of identification. Before using any provider, you may want to consider the following: The information supplied by the data provider is considered su

Buying properties with funds from China

Well, the NCA certainly put the cat amongst the pigeons recently at The Law Society’s Anti Money Laundering Conference. This is something I’ve been talking to clients about for about 5 years. In that time there have been some misunderstandings, both on the part of practitioners and law enforcement. The issue surrounds the foreign exchange controls on money leaving China. Individuals in China are generally prohibited from removing more than $50,000 from China a year (“Notice of the State Administration of Foreign Exchange for Further Improving the Management of Personal Settlement and Sale of Foreign Exchange” and they are further prohibited from using the funds to purchase property. If there

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