Law firms are right to be uneasy about autopilot AML compliance. “The algorithm said so” is never going to be an acceptable answer to a regulator. In the eyes of the SRA, and potentially the FCA in due course, handing total authority to software is not innovation. It is a shortcut to serious regulatory penalties.… Read more: The AML Accountability Gap: Why Explainability Is the New Standard

In the world of AML compliance, the Client Matter Risk Assessment is often viewed as the final hurdle before a file can truly get moving. For many fee earners, it is a chore, a list of questions to be “cleared” so the real work can start. According to recent SRA thematic reviews and industry insights,… Read more: Client Matter Risk Assessments:Think First, Type Second, Tick Never

A “changing of the guard” is underway in the world AML supervision. As recently reported by the Law Society Gazette, the UK government is moving toward a single supervisory model, with the FCA set to take over AML oversight from the SRA and other professional bodies. For many law firms, the reaction has been a… Read more: The FCA is Coming: Why Your Next AML Audit is the Most Critical One Yet