Category: CQS Conveyancing
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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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Counterpoint: Why Robust AML Controls Are Essential in Conveyancing
The recent article published by The Negotiator highlights concerns from the Property Lawyers Alliance (PLA) regarding the perceived excessiveness of anti-money laundering (AML) regulations in the conveyancing sector, arguing that these controls are “choking” the homebuying process with red tape, delays, and financial burdens. While these frustrations are understandable, it is crucial to recognise the indispensable…
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Law Firm Fined for AML and Breaches
A UK-based law firm has been fined £5,215 by the Solicitors Regulation Authority (SRA) for breaches of the Money Laundering Regulations 2017, SRA Accounts Rules, SRA Principles 2019, and the SRA Code of Conduct for Firms 2019. Additionally, the firm must pay £1,350 towards the costs of the investigation. Key Compliance Failures The SRA’s investigation…
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What does it mean when the SRA offers your firm to AML InvestigationTeam
The Solicitors Regulation Authority (SRA) plays a crucial role in ensuring that legal professionals uphold the highest standards of conduct, particularly in relation to anti-money laundering (AML) compliance. I am seeing an increasing amount of outcomes letters from the SRA advising firms that they are appointing the Investigations team to take over. If a law…
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AML compliance during SRA crackdown
Recent SRA AML audits reveals a pattern of non-compliance with AML obligations among many firms. With this concern in focus, the SRA is contemplating fixed penalties for non-compliance. Law firms must now review and update AML processes diligently to avoid disciplinary measures, reputational harm, and hefty penalties. This comes at a time when the SRA…
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AML Audit Case Study (1)
During a routine AML audit the legal regulator practice to be non-compliant. This was due to the absence of a firmwide risk assessment and an updated AML policy and procedure, insufficient staff training on AML, and the MLRO not having completed enhanced AML training. The practice received written notice, providing two weeks to rectify the…
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SRA AML Assessments: Are You Audit Ready?
Last month’s webinar focusing on preparing for an AML audit by the SRA is now available to purchase. The 50 minute webinar focused on the following areas: The webinar will also touch upon Firmwide Risk Assessments, AML Policies and Client Matter Risk Assessments.
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SRA AML Audit Results in £23k fine
A CQS accredited firm operating from two small offices in the south west has been hit with a £23,000 fine for failing to comply with AML regulations. Lexsure has announced a tenfold increase in weekly enquiries concerning their AML audit solutions since this fine was announced. CQS firm Batchelor Sharp was issued with the sanction…
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SRA AML Audits on the Increase
I have seen a huge increase in calls today to our audit helpline from conveyancing firms selected by the SRA for an AML inspection. Not the sort of communication firms wish to receive on a Friday. Surely the SRA can send these communications between Monday and Thursday. Many of the firms that I am talking…
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Should CQS firms Own a Search Company ?
Let’s broaden the question, should any conveyancing practice also own their own search company? I came across the following wording recently in some Ts and Cs: Depending on the transaction, we may use one of several search companies. One of the search providers, {xxxxx} Limited, is a wholly owned subsidiary of {xxxxxx}, the parent company…