AML Audit Case Study (1)

During a routine SRA AML audit the legal regulator practice to be non-compliant. This was due to the absence of a firmwide risk assessment and an updated AML policy and procedure, insufficient staff training on AML, and the MLRO not having completed enhanced AML training.

The practice received written notice, providing two weeks to rectify the mentioned deficiencies. Failure to do so would result in disciplinary measures and perhaps fines.

Within the specified period, the law firm addressed the issues by submitting a compliant AML policy, an AML firmwide risk assessment, and documentation showing AML training for both the MLRO and relevant staff members.

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