Tag: AML Policy
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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…
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Oxfordshire lawyer to be Prosecuted by SDT for AML Concerns
The SRA has referred an Oxfordshire a lawyer to the Solicitors Disciplinary Tribunal for prosecution. The Tribunal certified that there is a case to answer in respect of allegations which include that the lawyer :- 1. Between around January 2020 and July 2022, failed to keep and maintain accurate accounting records for the Firm. 2.…
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AML Firm-wide Risk Assessment: No1 Document
The foundational document when is comes to AML compliance is the AML firm-wide risk assessment. It is often described as the keystone of money laundering compliance in a law firms. Once a well drafted AML firm-wide risk assessment (FWRA) is in place the remainder your AML policies and procedures, training and due diligence will flow…
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AML Supervision Report Issued
The long awaited final HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23 has been issued, noting that the most common breaches in the legal sector. The government’s annual supervision report for the financial year 2022-23 offers a timely insight into the activities of the UK’s 25 anti-money laundering supervisors including the SRA during…
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SRA Fines Essex Firm 24k
The SRA continues to levy large fines on regulated firms who have been in long-term breach of their obligations under the 2017 money laundering regulations. It is not clear whether the decision stems from an SRA AML Audit having been carried out. Fairhurst Menuhin & Co in Essex was fined £23,930, 2% of its turnover…