Category: AML Firmwide Risk Assessment
-
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.
-
Navigating AML Compliance in 2025
As 2025 approaches, SRA-regulated solicitors face intensified AML compliance challenges, including increased audits, stricter penalties, and the need for enhanced due diligence. Firms must adopt proactive measures such as robust risk assessments, effective controls, and ongoing training. Leveraging technology and staying informed on regulations is crucial for maintaining compliance and protecting reputations.
-
Oxfordshire lawyer to be Prosecuted by SDT for AML Concerns
The SRA has referred an Oxfordshire a lawyer to the Solicitors Disciplinary Tribunal for prosecution. The Tribunal certified that there is a case to answer in respect of allegations which include that the lawyer :- 1. Between around January 2020 and July 2022, failed to keep and maintain accurate accounting records for the Firm. 2.…
-
AML Firm-wide Risk Assessment: No1 Document
The foundational document when is comes to AML compliance is the AML firm-wide risk assessment. It is often described as the keystone of money laundering compliance in a law firms. Once a well drafted AML firm-wide risk assessment (FWRA) is in place the remainder your AML policies and procedures, training and due diligence will flow…
-
Example support call to AML Helpdesk
Law firm (sole practitioner CQS accredited) calls with AML concerns about a potential client. The client had a significant sum of money in an overseas account which was not in the client’s name. The firm made further enquiries with the client regarding the funds and requested additional evidence to satisfy source of funds/wealth requirements. The…
-
AML Supervision Report Issued
The long awaited final HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23 has been issued, noting that the most common breaches in the legal sector. The government’s annual supervision report for the financial year 2022-23 offers a timely insight into the activities of the UK’s 25 anti-money laundering supervisors including the SRA during…
-
AML Source of Funds: SRA Refers Firm and Former Partner to SDT
The Solicitors Regulation Authority has referred law firm Candey to the Solicitors Disciplinary Tribunal over matters dating back to June 2015. The regulator has simultaneously decided to also refer the firms former partner Richard Morris to the SDT. The SRA has confirmed the certification of a case to answer concerning allegations related to events from May…
-
SRA Fines Essex Firm 24k
The SRA continues to levy large fines on regulated firms who have been in long-term breach of their obligations under the 2017 money laundering regulations. It is not clear whether the decision stems from an SRA AML Audit having been carried out. Fairhurst Menuhin & Co in Essex was fined £23,930, 2% of its turnover…
-
Firm Fined for Inadequate FWRA
The Solicitors Regulation Authority (SRA) assault on firm for breaches of anti-money laundering (AML) rules has continued, with Raegal Limited being fined £1,520 (an amount equivalent to 2.4% of its gross annual domestic turnover for the last financial year). On top of this an order of £1,350 was made for costs. The penalty was due to…