Tag: FCA AML Audit
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FCA Compliance Checklist: Is Your Law Firm Ready for the New AML Supervisor?
Law firms should prioritize demonstrating the effectiveness of their existing anti-money laundering (AML) controls before the FCA begins supervision in 2028. A comprehensive FCA compliance checklist will help firms assess their current practices, risk assessments, and policies to ensure readiness. Proactive measures are essential to address potential weaknesses ahead of regulatory changes.
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FCA AML Audits: The Regulator May Change, but the Risk Will Not Divide Neatly
The FCA is expected to take over direct AML supervision, but legal regulators will retain wider professional oversight. Conveyancing risks will not divide neatly between them.
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The FCA Is Set to Take On Legal Sector AML Oversight: What It Means for Law Firms
The UK government announced that the FCA will start supervising anti-money laundering (AML) for legal professionals by late 2028, unifying oversight previously handled by multiple bodies. FCA AML audits are on the way. The transition mandates stricter compliance standards and emphasises effective control measures, urging law firms to prepare well in advance.
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The Hidden AML Shake-Up in the King’s Speech
When the King’s Speech was delivered last Wednesday, many AML experts and legal compliance officers scanned the text and sighed. On the face of it there was no explicit mention of the long-promised, highly controversial overhaul of AML supervision. Many assumed the government had kicked the can down the road. But as it turns out,…
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Independent AML Audit: Is Your Firm Prepared for the 2028 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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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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Palantir and the Future of Law Firm AML Data
The FCA is set to utilize Palantir’s data analytics software to enhance Anti-Money Laundering regulation across law firms. This shift aims to identify high-risk behaviors and improve efficiency, but raises concerns about privacy and legal confidentiality. Firms must prioritize data accuracy to avoid unnecessary audits in this changing landscape.
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Reg 21 Independent AML Audit : The Real Work Begins After
Receiving a Reg 21 independent AML audit report is only the beginning. These five practical steps will help your firm review the findings, manage remediation, deliver targeted training and demonstrate that improvements are working.
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Technology Impact Assessment: Let’s Talk AML Software
Most firms today rely on slick AML tools to handle ID checks and source-of-wealth. Platforms like Thirdfort and CDDmonitor (digital CMRA) have quickly become the norm. But the rules have changed. Recent HM Treasury guidance and LSAG advisory notes have quietly reshaped what “good” looks like, and many firms haven’t caught up. It is no…
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Is CQS accreditation a safety net or a false sense of security?
For years, many law firms have treated the Conveyancing Quality Scheme has been seen as a badge of honour, renewed annually to keep lender panels satisfied and operations running smoothly. That approach may no longer be enough. The regulatory environment has changed. As of 2020 the Solicitors Regulation Authority started increasing its focus on anti…