The dangers of using your client account as a banking facility and how to avoid it
JBL Compliance
Description
WHERE: Online
WHEN: Jul 26, 2023 12:00 PM IST
Topic: The dangers of using your client account as a banking facility and how to avoid it
Operating a client account can be an interesting business! Not only do you have increased money laundering and financial crime risks, you must also avoid acting like a financial institution.
Accounts Rule 3.3 states: "You must not use a client account to provide banking facilities to clients or third parties" .... and this can be quite tricky to navigate. Several solicitors have been fined and disciplined by the SRA under this rule.
But how do you avoid getting this wrong? What is a 'banking facility' and how does the SRA interpret the rule?
Fear not, we are here to help! In this webinar we will look at:
1. The history of the 'banking facility' rule
2. Why can we not act as a bank?
3. SRA Guidance
4. Disciplinary decisions relating to Accounts Rule 3.3
5. Practical considerations for law firms
So come and join us, and let us guide you through this often daunting topic. And of course, you will have the opportunity to ask any of your burning questions.
