AML Audit Case Study - A Conveyancing CQS Frim

During a desktop SRA AML audit the legal regulator help the practice to be non-compliant. This was due to the absence of a firmwide risk assessment and an updated AML policy and procedure, insufficient relevent staff training on AML, and the MLRO failing to have completed enhanced AML training.

The SRA sent 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 PCPs as well as AML training for both the MLRO and relevant staff members.

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