Category: SRA AML Audit
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The AML compliance gap no one wants to talk about
In the field of anti money laundering, many lawyers fall into the trap of conflating source of funds with source of wealth. They treat them as a single requirement when they are in fact two distinct obligations. One is a forensic look at a specific pot of money. The other is a holistic assessment of…
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Why “Defensible Judgment” is the Law Firm’s New AML Mandate for 2026
In 2026, the legal sector finds itself at a critical juncture. With the UK economy facing a very negative future, the implications for UK law firms are acute. As “gatekeepers” solicitors and legal professionals are facing a perfect storm of economic volatility, sophisticated criminal tactics, and a sharp pivot by regulators toward “outcomes-based” enforcement. Here…
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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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Paperwork Is Not a Shield: Why AML Compliance Must Be Evidenced on Every File
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?
There is no fixed statutory interval for an independent AML audit. This guide explains how law firms should determine audit frequency using their size, work, risk profile, previous findings and material changes.
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Five SRA AML Fines in One Month: What the December 2025 Decisions Reveal
Five SRA AML decisions resulted in combined fines of £47,933. Their recurring findings provide practical lessons about FWRAs, AML policies, CMRAs and source of funds.
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Mind the Gap: SRA Targets the “Disconnect” in AML Policies for 2026 Thematic Review
The SRA’s 2026 AML thematic review will scrutinize the effectiveness of firms’ AML Policies, Controls, and Procedures (PCPs). It aims to address the ongoing disconnect between established policies and actual practices. The review emphasizes the importance of independent audits and proactive compliance measures to strengthen AML frameworks and mitigate risks effectively.
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SRA AML Audits: What Law Firms Need to Evidence
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)…