AML Policies for Law Firms: Review, Update and Implement
Does your firm’s AML policy explain what staff must do, who makes the decisions and where the evidence is recorded? Useful policies connect the firm’s identified risks with practical instructions for client due diligence, risk assessment, source-of-funds scrutiny and escalation.
These articles help law firms review their AML documentation and examine whether the procedures are followed on client files. For ongoing drafting support, explore Lexsure’s AML Policy Update Service, which provides quarterly suggested amendments for SRA-regulated firms in England and Wales.
Your policy is written. Is it working?
Lexsure’s independent AML audits examine documentation alongside risk assessments, client files and staff understanding to identify gaps in wording and implementation.
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Developer-Referred New-Build Purchases: Who Controls the AML Checks?
The post discusses the importance of thorough AML investigations in new-build and off-plan property transactions. It emphasizes that familiarity with a development does not negate the need for proper client assessments. Developers’ recommendations shouldn’t dictate AML decisions, and each transaction requires careful scrutiny of funding sources and obligations.
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£2.6m in AML Fines: Why Improving Compliance Is No Reason to Relax
The SRA’s Anti-Money Laundering Annual Report highlights substantial improvements in compliance alongside ongoing enforcement, with fines totaling £2.6 million. Conveyancing firms must review their AML controls and address weaknesses. Effective evidence and independent audits are crucial for demonstrating compliance and ensuring that policies align with actual practices and risks.