Tag: AML 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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Navigating AML Compliance in 2025
As 2025 approaches, SRA-regulated solicitors face intensified AML compliance challenges, including increased audits, stricter penalties, and the need for enhanced due diligence. Firms must adopt proactive measures such as robust risk assessments, effective controls, and ongoing training. Leveraging technology and staying informed on regulations is crucial for maintaining compliance and protecting reputations.