Category: SRA AML Audit
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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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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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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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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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December 2025: The SRA’s AML Audit Crackdown Has Arrived
The Solicitors Regulation Authority (SRA) is intensifying its Anti-Money Laundering (AML) enforcement, conducting a record number of audits ahead of the FCA’s expanded oversight. Firms must prioritize compliance, as deficiencies found can lead to serious consequences. A compliance checklist highlights essential steps to prepare for increased scrutiny and potential fines.
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FCA AML Audit: Financial Regulator Takes Over Legal Oversight!
The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML)…
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Stamp Duty Stress Over: The SRA’s AML Compliance Crackdown Awaits
This surge in conveyancing activity due to the imminent ending of the Stamp Duty Holiday has placed significant pressure on law firms to maintain rigorous Anti-Money Laundering (AML) compliance standards. The urgency to expedite transactions may well have lead to shortcuts in due diligence processes. Financial criminals often exploit such high-pressure periods, making it imperative…
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Why Every Law Firm Needs an Independent AML Audit—Before It’s Too Late
If you run a law firm, you already know that AML compliance isn’t optional—it’s a regulatory necessity. But here’s the real question: When was the last time your firm had an independent AML audit? With the Solicitors Regulation Authority (SRA) cracking down on AML compliance and the Legal Sector Affinity Group (LSAG) tightening its guidelines,…
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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.
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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…