Anti Money Laundering
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Nine Years Without a Documented FWRA: What This SRA Fine Teaches
An SRA desk based AML review found that a small London practice had operated for almost nine years without a documented firm wide risk assessment and could not produce CMRA records on half the files examined.
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Redefining AML Risk: Why Law Firms Must Embrace AI-Driven Compliance
Law firms face increasing pressure in AML compliance due to complex transactions and advanced criminal tactics. Many still approach compliance as a mere formality with outdated methods, leading to inefficiencies and risks. Integrating AI can enhance compliance by streamlining processes and allowing skilled oversight, but requires strong governance and active monitoring to avoid new risks.