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.
Discuss an independent AML audit →
Discuss a review appropriate to your firm’s size, work and risk exposure. Responsibility for compliance remains with your firm.
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Paperwork Is Not a Shield: Why AML Compliance Must Be Evidenced on Every File
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?
There is no fixed statutory interval for an independent AML audit. This guide explains how law firms should determine audit frequency using their size, work, risk profile, previous findings and material changes.