Solicitors must conduct a review of their client accounts to ensure they are not holding monies belonging to an individual that is subject to financial sanctions, a regulator has warned.
The audit, which must be conducted before Friday, should cross-reference client accounts with the consolidated list of asset freeze targets.
The comprehensive list contains a significant number of targets who have been sanctioned as part of foreign or national policy.
Any instances where frozen assets are found should be reported to the Office of Financial Sanctions Implementation (OSFI) on or before 11 October 2019.
Failure to review your client may put you in breach of Solicitors Accounts Rules (SAR), said the Solicitors Regulation Authority (SRA).
Commenting on the report, Juliet Oliver, SRA General Counsel, said: “Solicitors are rightly being asked to make sure they are not helping anyone with dubious funding streams. This risk exists for every single solicitor and law firm, whether conveyancing on the high street or handling global transactions.
“We would urge all of you to look at the review and, if a client is listed and you hold any of their assets, make a report as necessary.”
Click here to access the financial sanctions targets list.
For help and advice on this matter, please get in touch with our expert team.
