Tag: 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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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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CQS Policy Templates Now Available Via Lexsure
CQS firms are now obliged to make all necessary changes to their policies, controls and procedures (PCPs) and ensure additional training is provided to staff on the changes. The changes to the CQS Core Practice Management Standard (CPMS) were published in February 2022 and took effect from 1 May 2022. Conveyancing firms must carefully read…
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Is Your Firm Ready for a SRA AML Audit?
The SRA have recently warned that it will be writing to a “large number” (400) of firms in the coming weeks requiring evidence of compliance with the 2017 Money Laundering Regulations. The likelihood is that firms with a focus on conveyancing will be targeted for an AML Audit. The regulator confirmed that in the last…