A review of 50 firms by the Solicitors Regulation Authority (SRA) has found that although most law firms are doing what is needed to tackle money laundering, some need to do more. 

The review of firms – large and small – explored the profession’s compliance with the more stringent demands of the Money Laundering Regulations 2017, introduced last June.

The review found most were taking appropriate steps to understand and reduce the risk of money laundering. This included doing appropriate customer due diligence, using a variety of ways to establish the source of a client’s funds and wealth, and g...