Skip to main content

CQS Policy Templates Now Available Via Lexsure

By
CQS firms are now obliged to make all necessary changes to their policies, controls and procedures (PCPs) and ensure additional training is provided to staff on the changes.

The changes to the CQS Core Practice Management Standard (CPMS) were published in February 2022 and took effect from 1 May 2022.

Conveyancing firms must carefully read and consider if their existing PCPs and CQS Policy Templates are adequate and evaluate the levels of awareness demonstrated by staff.

Labels:

Comments

Post a Comment

Popular posts from this blog

How Often Should Your Firm Conduct an Independent AML Audit?

By
In the world of AML compliance, there is a significant difference between doing your work and proving that your work is effective. Anti-Money Laundering (AML) compliance is no longer a "set it and forget it" task. For firms regulated under the Money Laundering Regulations (MLR 2017), the requirement for an independent AML audit is a critical hurdle. But a common question persists among MLROs and Compliance Officers: How often do we actually need to do this? 1. The Regulatory Starting Point: "When Appropriate" The law (specifically Regulation 21 of the MLR 2017) states that a relevant person must establish an independent audit function "where appropriate, with regard to the size and nature of its business." While the legislation doesn’t give a hard calendar date, the consensus among regulators—including the SRA and the Legal Sector Affinity Group (LSAG)—is that for most firms, an audit should be conducted at least every 2 yea...
Post a Comment
Read more

FCA AML Audit: The SRA Is Out, the FCA Is In

By
For years, law firms prepared for AML scrutiny with one regulator in mind: the SRA. That era is over. The UK Government has confirmed a fundamental shift in supervision. AML and counter-terrorist financing oversight is moving from the SRA to the Financial Conduct Authority (FCA). This is not a cosmetic change. It is a full regulatory reset. If your firm is still thinking in terms of an internal review, an FCA AML audit will feel very different, financially, operationally, and reputationally. What Makes an FCA AML Audit Different The SRA regulates professional standards. The FCA enforces financial crime controls. That distinction matters. An FCA AML audit is not designed to guide or educate. It is designed to assess risk to the financial system and determine whether enforcement action is required. This is precisely why firms can no longer rely on internal reviews alone. An FCA AML audit will expect to see independent challenge, most ...
Post a Comment
Read more

FCA AML Audit: Financial Regulator Takes Over Legal Oversight!

By
The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) supervision for the legal and accountancy sectors is being handed over to the Financial Conduct Authority (FCA. That's right, the same folks who put the fear of God into the big banks are now coming for your conveyancing files. Cue the dramatic music. What does the FCA take-over actually mean? Forget the gentle nudge; prepare for the financial services full-body search. An FCA AML audit is likely to look a lot more like a detailed financial inspection and a lot less like a polite chat with the SRA. Think maximum emphasison: Ironclad AML documentation (no more "it's in my head" polici...
Post a Comment
Read more