SRA’s updated sectoral risk assessment outlines key ML/TF threats facing legal service providers and reinforces that law firms must embed a risk-based approach aligned with regulatory expectations

This assessment, grounded in the UK Government’s National Risk Assessment and the SRA’s supervisory insights, identifies the most pressing money laundering and terrorist financing risks encountered by firms it regulates—including solicitors, tax advisers, and trust or company service providers—and emphasises that firms must integrate these findings into their firm-wide risk assessments as mandated under Regulation 18 of the MLR 2017.