Author: Simon Seaton
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AML Audit Checklist for Law Firms: Is Your Firm Truly Inspection-Ready?
In the current regulatory climate, “hoping for the best” is no longer a viable compliance strategy for law firms. With the Solicitors Regulation Authority (SRA) increasing the frequency of audits and the transition toward tighter FCA-level scrutiny, law firms are under more pressure than ever to prove their anti-money laundering (AML) credentials. The cornerstone of…
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The AML Oversight Shift: Why Law Firms and Accountants Face a New Reality in 2026
The regulatory landscape for professional services is changing, with the FCA becoming the primary supervisor for accountants, intensifying oversight akin to that of law firms. This shift necessitates a dynamic, risk-based Accountancy AML Checklist, tailored to specific client profiles. Firms must adapt to comply with evolving regulations by 2026 or risk serious repercussions.
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Preparing for an SRA AML Audit? Your 2026 Checklist
The Solicitors Regulation Authority (SRA) mandates robust AML compliance as it narrows the gap between written policies and practice. Effective January 2026, firms must demonstrate mature AML systems, using AI for data validation. A comprehensive audit checklist is necessary to prepare for SRA audits, highlighting risk assessments, ongoing monitoring, and staff training.
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The High Street Practitioner’s Guide to Surviving the FCA
The shift to FCA supervision for AML compliance demands small firms document their processes and justify decisions, moving away from reliance on personal relationships. Sole practitioners face increased responsibilities for compliance. Implementing efficient systems and tracking risks is essential to navigate regulatory scrutiny and demonstrate commitment to AML standards without overwhelming workloads.
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SRA Cracks Down on Financial Crime: Whiteheads Case Study
The Solicitors Regulation Authority fined Whiteheads Solicitors £2,584 plus costs for failures in compliance with anti-money laundering regulations. Key issues included inadequate client risk assessments and poor scrutiny of fund sources. This case underscores the necessity for law firms to ensure rigorous application of AML policies to avoid penalties.
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FCA AML Audit: The SRA Is Out, the FCA Is In
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…
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How Often Should Your Firm Conduct an Independent AML Audit?
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…
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The December 2025 AML Crackdown: Is Your Firm Next?
The first half of December 2025 sent a blunt warning to the legal profession: the SRA will not accept poor AML compliance. A number of enforcement actions has resulted in thousands of pounds in fines for technical failings. In short, you don’t have to launder cash to be penalised—poor record-keeping will do the job. The…
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AML Audit Case Study – A Conveyancing CQS Firm
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…
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CQS Mortgage and Property Fraud Prevention Policy – What to Include
It’s one thing to say you have a Mortgage and Property Fraud Prevention Policy; it’s another to have a document that actually works under pressure. If you are currently updating your firm’s manual to meet CQS requirements, you don’t need to reinvent the wheel. Below is a sample index of what a ‘gold-standard’ CQS Mortgage…