Tag: AML Firmwide Risk Assessment
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Redefining AML Risk: Why Law Firms Must Embrace AI-Driven Compliance
The regulatory ground is shifting beneath law firms’ feet. Conveyancing transactions are growing more complex, data volumes are expanding at pace, and the methods used by modern criminals, from deepfakes to layered shell structures, are becoming increasingly difficult to detect through traditional means. For many firms, especially high street practices where there the compliance officers…
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Independent AML Audit Should Be Your First Move – Here is Why
AML compliance has moved firmly to the front of the agenda for UK law firms. With the Solicitors Regulation Authority taking a more assertive stance and the courts broadening the scope of what constitutes money laundering an independent AML audit is the most important step they can take right now. The Regulatory Mood Has Changed…
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The SRA’s AML Questionnaire Is About to Get Much Harder to Bluff
For the last few years, the SRA’s annual AML data collection has been treated by many firms as a compliance formality. Fill in the numbers, hit the deadline, move on. That approach is now genuinely risky. Here’s why 2026 is different. The AI Cross-Check The SRA is deploying AI analytics this year to cross-reference AML…
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Navigating Change: The 2026 Reform of Money Laundering Regulations
Updates to the UK’s Anti-Money Laundering (AML) landscape are on the horizon. On March 25, 2026, the UK Government laid the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 before Parliament. For legal professionals, these changes aren’t just administrative, they will require a proactive review of how practices manage risk and client data. What’s Changing?…
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SRA Update 147: Are Your Sanctions Checks Compliant After the Bank of Scotland Fine?
For conveyancing firm, the Bank of Scotland fine earlier this your should be a “loud” warning. In property transactions, where you are dealing with high-value assets and often complex ownership structures, a “near miss” on a name could lead to a total freeze of the transaction, or worse, a heavy fine and a report to…
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HMRC Tax Adviser Registration: The SDLT & Conveyancing Trap
As of May 2026, tax advisers in the legal sector, particularly conveyancing practices, must complete mandatory HMRC registration, which hinges on Anti-Money Laundering (AML) compliance. Firms must update their AML policies, prepare for thorough audits, and ensure all relevant individuals are vetted to avoid registration refusal and filing blocks.
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Firmwide Risk Assessment: Time for a Refresh?
For many firms, the Firmwide Risk Assessment is a document that sits in a digital drawer, updated only when the SRA sends a nudge. But as we move through 2026, the regulatory landscape has shifted. The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 have arrived, and with them, a new set of expectations that…
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Firmwide Risk assessment failures land more firms with AML fines
So far in 2026, SRA AML audits have continued to unleash a wave of Regulatory Settlement Agreements (RSAs), signaling a zero-tolerance approach to static, generic, or missing Firmwide Risk Assessments (FWRAs). The Cost of Non-Compliance In the first quarter of 2026, financial penalties for AML-related failures have reached record levels. Analysis of recent settlements reveals…
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Reg 21 Independent AML Audit : The Real Work Begins After
5 Immediate Actions for Law Firms Following a Reg 21 Independent AML Audit You’ve just crossed the finish line of your Regulation 21 Independent AML Audit. The report is in your inbox, and the temptation to file it away and return to “business as usual” is strong. However, the stakes for law firms have changed.…
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Technology Impact Assessment: Let’s Talk AML Software
Most firms today rely on slick AML tools to handle ID checks and source-of-wealth. Platforms like Thirdfort and CDDmonitor (digital CMRA) have quickly become the norm. But the rules have changed. Recent HM Treasury guidance and LSAG advisory notes have quietly reshaped what “good” looks like, and many firms haven’t caught up. It is no…