Tag: AML Policy
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New Firms, New Focus: Why the SRA is Closing the “Two-Year Gap”
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…
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The Email Every Senior Partner Dreads: When the SRA Meets Your Lender Panel
It is hardly news anymore: the SRA is on an AML warpath…again. Fines are up, patience is down, and the “unlimited” fining power is being flexed. But if you think a five-figure check to the regulator is your biggest problem, think again. The real “death blow” isn’t the fine. It’s the email that arrives some…
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The AML Oversight Shift: Why Law Firms and Accountants Face a New Reality in 2026
The regulatory landscape for professional services is changing, with the FCA becoming the primary supervisor for accountants, intensifying oversight akin to that of law firms. This shift necessitates a dynamic, risk-based Accountancy AML Checklist, tailored to specific client profiles. Firms must adapt to comply with evolving regulations by 2026 or risk serious repercussions.
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SRA Cracks Down on Financial Crime: Whiteheads Case Study
The Solicitors Regulation Authority fined Whiteheads Solicitors £2,584 plus costs for failures in compliance with anti-money laundering regulations. Key issues included inadequate client risk assessments and poor scrutiny of fund sources. This case underscores the necessity for law firms to ensure rigorous application of AML policies to avoid penalties.
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How Often Should Your Firm Conduct an Independent AML Audit?
In the world of AML compliance, there is a significant difference between doing your work and proving that your work is effective. Anti-Money Laundering (AML) compliance is no longer a “set it and forget it” task. For firms regulated under the Money Laundering Regulations (MLR 2017), the requirement for an independent AML audit is a…
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December 2025: The SRA’s AML Audit Crackdown Has Arrived
The Solicitors Regulation Authority (SRA) is intensifying its Anti-Money Laundering (AML) enforcement, conducting a record number of audits ahead of the FCA’s expanded oversight. Firms must prioritize compliance, as deficiencies found can lead to serious consequences. A compliance checklist highlights essential steps to prepare for increased scrutiny and potential fines.
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FCA AML Audit: Financial Regulator Takes Over Legal Oversight!
The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML)…
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Stamp Duty Stress Over: The SRA’s AML Compliance Crackdown Awaits
This surge in conveyancing activity due to the imminent ending of the Stamp Duty Holiday has placed significant pressure on law firms to maintain rigorous Anti-Money Laundering (AML) compliance standards. The urgency to expedite transactions may well have lead to shortcuts in due diligence processes. Financial criminals often exploit such high-pressure periods, making it imperative…
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Why Every Law Firm Needs an Independent AML Audit—Before It’s Too Late
If you run a law firm, you already know that AML compliance isn’t optional—it’s a regulatory necessity. But here’s the real question: When was the last time your firm had an independent AML audit? With the Solicitors Regulation Authority (SRA) cracking down on AML compliance and the Legal Sector Affinity Group (LSAG) tightening its guidelines,…
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What does it mean when the SRA offers your firm to AML InvestigationTeam
The Solicitors Regulation Authority (SRA) plays a crucial role in ensuring that legal professionals uphold the highest standards of conduct, particularly in relation to anti-money laundering (AML) compliance. I am seeing an increasing amount of outcomes letters from the SRA advising firms that they are appointing the Investigations team to take over. If a law…