The Financial Action Task Force assessing the country’s resilience to money laundering arrived in the UK last week, so this edition of SRA Update focuses on our anti-money laundering (AML) work. Money laundering is not a victimless crime. It helps fund terrorists and people smugglers, so tackling it has been a priority for us for a long time now. The credibility of your firms makes you an attractive target for criminals. As Donald Toon from the National Crime Agency said at our compliance officer conference last October, the profession is on the frontline of the war against money laundering.
The vast majority of you want to do the right thing. We have published a range of new resources to help you understand the risks and tackle this problem, as well as a review of how well the sector is doing. Most firms are doing well, but we all must remain vigilant, as weak processes or under-trained staff can leave the door open for criminals. Also in this issue is our warning notice on the use of non-disclosure agreements. These have a valid use, but that should not include covering up professional misconduct and in some cases potential crimes. You can also catch up on the latest diversity figures for firms, an update on the EU Insurance Distribution Directive and details of research we carried out on price information.