Monday, March 28, 2016

Risk News & Updates (AML, Data Privacy & Paralegal Ethics)




Legal Risk LLP's latest newsletter notes:
  • "Pressure to bring forward the implementation of the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) to the end of this year, already fuelled by terrorist attacks in Paris and no doubt Brussels too now, should focus law firm management on the need to carry out a risk assessment and review policies and procedures."
  • "While the report on the thematic review of anti-money laundering compliance by the Solicitors Regulation Authority (SRA), expected imminently, may not contain major shocks, what passed muster when the review was carried out a year ago may not be sufficient for the future. We are advising leading law firms on their UK and overseas compliance, and those in other sectors such as property professionals and trust and company service providers, on the steps they need to take."
  • "The text of the new EU General Data Protection Regulation is expected in July and will take direct effect in two years. The Information Commissioner has published guidance,
    Preparing for the General Data Protection Regulation (GDPR): 12 steps to take now."
  • "The European Commission and the United States have reached an agreement on the Privacy Shield, which replaces the defunct Safe Harbor regime and sets out a new framework for transatlantic transfers of personal data.  However, Max Schrems, who successfully challenged Safe Harbor, has been reportedas saying that the Privacy Shield does not adequately solve the problem, describing it as ‘10 layers of lipstick on a pig’. "
And via Paragon: "Recent commentary [in the] Law Firm Risk Blog regarding Conflicts concerns in the hiring of paralegals coincidentally touched on one of the subjects of our next commentary for Paragon’s Policy-Wise, a Risk Management Blog.  Gilda Russell, one of our Preferred Providers, has written: Legal Ethics Concerns for Paralegals an article on some important ethics issues for paralegals" --
  • "...important legal ethics rules with which paralegals should be familiar as a guide to their professional conduct. These are Requirements of Competence, Diligence, and Professional Integrity, Requirements of Client Confidentiality, Rules Concerning Conflicts of Interest, Supervisory Lawyers’ Responsibilities Regarding Nonlawyer Assistants, and Prohibitions Concerning the Unauthorized Practice of Law."

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