Category: FCA AML Audit
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FCA Compliance Checklist: Is Your Law Firm Ready for the New AML Supervisor?
Law firms should prioritize demonstrating the effectiveness of their existing anti-money laundering (AML) controls before the FCA begins supervision in 2028. A comprehensive FCA compliance checklist will help firms assess their current practices, risk assessments, and policies to ensure readiness. Proactive measures are essential to address potential weaknesses ahead of regulatory changes.
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FCA AML Audits: The Regulator May Change, but the Risk Will Not Divide Neatly
The FCA is expected to take over direct AML supervision, but legal regulators will retain wider professional oversight. Conveyancing risks will not divide neatly between them.
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FCA Wants Partnership With Solicitors. It Will Still Expect Proof
The FCA says it wants partnership, proportionate supervision and less unnecessary paperwork. For law firms, that makes evidence of effective AML controls more important, not less.
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FCA AML Supervision of Law Firms: The 2028 Transfer Is Taking Shape
The FCA expects to begin assuming AML supervision of approximately 60,000 legal and accountancy entities toward the end of 2028. This article examines its proposed risk based approach and the practical steps law firms should take now.
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The FCA Is Set to Take On Legal Sector AML Oversight: What It Means for Law Firms
The UK government announced that the FCA will start supervising anti-money laundering (AML) for legal professionals by late 2028, unifying oversight previously handled by multiple bodies. FCA AML audits are on the way. The transition mandates stricter compliance standards and emphasises effective control measures, urging law firms to prepare well in advance.
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The Hidden AML Shake-Up in the King’s Speech
When the King’s Speech was delivered last Wednesday, many AML experts and legal compliance officers scanned the text and sighed. On the face of it there was no explicit mention of the long-promised, highly controversial overhaul of AML supervision. Many assumed the government had kicked the can down the road. But as it turns out,…
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The SRA’s AML Questionnaire Is About to Get Much Harder to Bluff
The SRA’s AML data collection process is evolving, leveraging AI to identify discrepancies in submitted data by 2026. Firms must prepare for more in-depth questions and independent audit requirements. With the FCA taking over as the AML supervisor, continuous data capture and genuine risk management are now essential for firms to avoid penalties.
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The Fee Earner Firewall: Why Technology Won’t Replace the AML Professional
The landscape of AML compliance is shifting from a focus on technology to human interpretation. As automated systems advance, legal professionals must emphasize understanding why certain risks are flagged, rather than just relying on software. Investing in fee earners’ judgment and wellbeing is crucial to navigate nuanced challenges and maintain integrity in the field.
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Independent AML Audit: Is Your Firm Prepared for the 2028 FCA Takeover?
Robust anti-money laundering (AML) controls are critical for law firms. The SRA emphasizes practical compliance over mere documentation. A Reg 21 Independent AML Audit is essential for assessing risks, due diligence, and governance. As scrutiny intensifies, firms should prioritize these audits to foster a culture of compliance and avoid FCA sanctions.
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Palantir and the Future of Law Firm AML Data
The FCA is set to utilize Palantir’s data analytics software to enhance Anti-Money Laundering regulation across law firms. This shift aims to identify high-risk behaviors and improve efficiency, but raises concerns about privacy and legal confidentiality. Firms must prioritize data accuracy to avoid unnecessary audits in this changing landscape.