Tag: AML Policy
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HMRC Tax Adviser Registration: What Conveyancers Need to Know for 2026
If your firm handles conveyancing, the definition of a “Tax Adviser” just got a lot broader. HMRC has confirmed that new mandatory registration rules will encompass almost all conveyancing professionals. With significant penalties for non-compliance, understanding these HMRC Agent Services Account (ASA) updates is critical for your firm’s survival. Is My Conveyancing Firm a “Tax…
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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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Independent AML Audit: Is Your Firm Prepared for the 2027 FCA Takeover?
Robust anti-money laundering (AML) controls are critical for law firms. The SRA emphasizes practical compliance over mere documentation. A Reg 21 Independent AML Audit is essential for assessing risks, due diligence, and governance. As scrutiny intensifies, firms should prioritize these audits to foster a culture of compliance and avoid FCA sanctions.
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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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Independent AML Audits : The High Street Firm’s Secret Weapon
The FCA’s shift toward “Impactful Deterrence” is already making waves, there is a specific regulatory transition looming that should have every High Street partner checking their risk register: the transfer of AML supervision. Currently, for most High Street firms, the Solicitors Regulation Authority holds the reins. But the landscape is shifting. The Financial Conduct Authority…
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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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Independent AML Audit: How to Prepare
An independent AML audit shouldn’t be a frantic scramble to “clean up” files. True readiness means moving beyond basic documentation to ensure your internal capacity is prepared. By clearing calendars for interviews and pre-booking senior management reviews, you transform the audit from a stressful “check-box” exercise into a strategic health check. Don’t just show them…
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The FCA AML Audit: Are Conveyancing Firms Ready?
For the last five years, law firms have been accustomed to the SRA’s oversight. But the transition to the FCA marks a shift from “assisted compliance” to a high-stakes, data-driven enforcement model. The FCA brings with it a “financial services” mindset, one that values hard evidence and operational proof over well-drafted AML Policies and Procedures…
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The Independent AML Audit; Why it Matters
Under Regulation 21 of the MLRs, UK law firms are required, where appropriate to the size and nature of the business, to establish an independent audit function. This is no longer a “check-the-box” exercise; it is a critical risk management tool. On the flip side, a poorly executed Independent AML Audit can lead to public…