During most Independent AML Audits that I conduct, proof of funds and source of funds are often treated as the same thing. In reality, they are very different. Confusing the two is a common mistake that can expose firms to unnecessary regulatory scrutiny. As professional standards evolve, the CLC and SRA are making it increasingly… Read more: Beyond the Bank Balance: Mastering the Art of Source of Funds

The SRA has moved to intervene in yet another multi-office firm, marking a total shutdown that serves as a sobering wake-up call for the legal sector. Operating across four counties with ten offices and 42 staff, the CQS accredited firm has been shuttered, and three solicitors have been suspended. While the solicitors themselves aren’t facing… Read more: When AML Failures Are Just the Tip of the Iceberg

For years, many newly established law firms felt they had a “grace period” before falling under the intense gaze of an SRA AML Audit. The logic was simple: without years of historical data or a track record of completed data questionnaires, these firms sat comfortably in a middle-of-the-road risk category. However, the latest OPBAS (Office… Read more: New Firms, New Focus: Why the SRA is Closing the “Two-Year Gap”