As we step into 2025, solicitors regulated by the SRA face a shifting landscape of anti-money la undering (AML) compliance. The UK's commitment to combating financial crime has led to heightened regulatory requirements and intensified enforcement, making it essential for law firms to stay ahea d. Here's what you need to know to protect your practice and ensure compliance. 1. Increased SRA Audits Starting January 2025, the number of law firms subject to SRA audits will likely rise from 500 to 750. This significant increase means that your firm is more likely to face scrutiny. Some firms will face their second audit. Preparing for these audits requires a proactive approach, including up-to-date firm-wide risk assessments (FWRAs) and robust AML controls. 2. Stricter Penalties and Enforcement The SRA's recent consultation on financial penalties proposes tying fines to a firm's turnover. This approach could result in substantial fines for even minor breaches, disproportio...
This blog is for CQS accredited firms in England and Wales. Including topics like the Conveyancing process, Conveyancing Policy Templates and Conveyancing case law. As it contains everything about conveyancing and conveyancers it should be of particular interest to property lawyers and property solicitors, as well as COLP and Compliance Managers.