Category: SRA AML Audit
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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…
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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…
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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…