If your firm will be carrying out services subject to the Money Laundering Regulations, one of the key steps in the SRA authorisation process is submitting the FA10 form. This form is used to apply for money laundering authorisation. It is a crucial part of your application if you intend to offer certain regulated legal services. Getting it right first time helps avoid delays and ensures you can carry out your intended work lawfully.
Here’s what you need to know about the FA10 and how to approach it.
This summary provides general information and does not constitute advice on any individual application circumstances.
1. What Is the FA10 Form?
The FA10 is the official application form used to request authorisation from the Solicitors Regulation Authority (SRA) to provide services that fall within the scope of the Money Laundering Regulations. The Money Laundering Regulations are a set of UK laws designed to prevent the use of professional services for concealing the proceeds of criminal activity.
This form enables the SRA to assess whether your firm is suitably equipped to operate within the regulated sector. It gathers detailed information about your firm’s structure, the services you intend to offer, and the internal systems and controls you have in place to prevent money laundering and other financial crimes.
2. Who Needs to Submit an FA10?
Any firm applying for authorisation with the SRA that intends to offer services falling within the scope of Money Laundering Regulations must complete and submit an FA10 form.
You must submit an FA10 form if your firm will be carrying out any of the following activities:
- Conveyancing or Property Transactions
- Tax Advice
- Trust or Company Formation Services
- Any other legal services involving the movement, management, or safeguarding of client funds or assets that could be exploited for money laundering purposes.
Only one FA10 form is required and should be submitted as part of your firm’s full application for authorisation.
3. What Does the SRA Look For?
When assessing your FA10, the SRA will want to be satisfied that your firm has robust systems and controls in place to identify, manage, and reduce money laundering risks. This includes demonstrating a clear understanding of the services you intend to offer, the types of clients you will work with, and the specific areas of risk your firm may encounter.
In addition to reviewing your firm’s risk framework, the SRA will closely assess the individuals responsible for managing the business. Each beneficial owner, officer, and manager (BOOM) named in your application must provide a valid basic Disclosure and Barring Service (DBS) check. These DBS checks must be dated within the last three months and submitted at the same time as your FA10 form.
The SRA will examine whether any individuals involved in the management of the firm have a history of regulatory breaches, financial misconduct, or other relevant concerns. It is essential that all disclosures are full, accurate, and honest. Any attempt to conceal relevant information may result in significant delays or the refusal of your application.
4. When Should You Submit the FA10?
The FA10 form must be submitted via the mySRA portal as part of your firm’s initial application for authorisation. The SRA will not begin assessing your application until it has received a completed FA10 along with all required supporting documents, including valid DBS checks for each BOOM listed (where required).
Submitting the FA10 early in the process allows time to respond to any follow-u questions from the SRA and can help avoid unnecessary delays. It is essential that the information you provide is complete and accurate, as missing or incorrect documents are the most common reasons applications are held up.
If you have all your supporting documentation in place, this will speed up the process. Speak to our team today about completing your SRA application or if you need assistance with your law firm setup.
We have helped many law firms through the SRA authorisation process.
Conclusion
The FA10 is a vital step if your firm is carrying out work in the regulated sector. It allows the SRA to assess your firm’s readiness to manage money laundering risk and ensures the individuals running the firm are suitable.
If you need help preparing your FA10, or completing your SRA application, speak to Ben Trott who is on hand to help you every step of the way. We can help you wherever you are based. Call us on 0330 133 8783 or email info@marketinglawyers.co.uk.
