Tag: FCA AML Audit
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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…
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From SRA to FCA: Is Your Firm Ready for the 2026 Supervisory Shift?
The transition to the FCA as the Single Professional Services Supervisor marks the end of “tick-box” compliance for the legal sector. As the regulator moves from a periodic review model to a proactive, data-led enforcement stance, many firms are discovering that their historic SRA standards may no longer pass muster. The primary difference? The FCA…
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The FCA AML Audit: Are Conveyancing Firms Ready?
For the last five years, law firms have been accustomed to the SRA’s oversight. But the transition to the FCA marks a shift from “assisted compliance” to a high-stakes, data-driven enforcement model. The FCA brings with it a “financial services” mindset, one that values hard evidence and operational proof over well-drafted AML Policies and Procedures…
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The “FCA Effect”: Why Regulation 21 Independent AML Audits are No Longer Optional
For years, many UK law firms viewed Anti-Money Laundering compliance as a “lawyer-led” exercise, principled, interpretive, and often collaborative with supervisors like the SRA or CLC. However, the ground has shifted. With the recent announcement that the Financial Conduct Authority (FCA) is set to become the single AML supervisor for the legal services sector, the…
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Why the CLC is Telling the LSB to “Focus on the Big Picture”
In the world of legal regulation, there is a fine line between “oversight” and “overreach.” According to the Council for Licensed Conveyancers, that line is currently being blurred. In a candid response to the Legal Services Board’s latest draft business plan, the CLC has issued a clear warning: the oversight regulator is spending too much…
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The FCA’s High-Stakes AML Takeover of the Legal Sector
The transition from SRA to FCA oversight for AML represents an “architectural reset” of the UK legal regulatory climate. While the 2017 Regulations remain unchanged, the move to a “Single Professional Services Supervisor” replaces the SRA’s collaborative, guidance-based approach with the FCA’s assertive, data-driven enforcement. This shift aims to eliminate the fragmented supervisory landscape that…
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The Independent AML Audit; Why it Matters
Under Regulation 21 of the MLRs, UK law firms are required, where appropriate to the size and nature of the business, to establish an independent audit function. This is no longer a “check-the-box” exercise; it is a critical risk management tool. On the flip side, a poorly executed Independent AML Audit can lead to public…
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Client Matter Risk Assessment: Automation
The majority of law firms continue to use paper-based Client Matter Risk Assessments, but there is an inevitability regarding the shift from manual to automated processes. Even now, one could argue it is almost a regulatory necessity. As law firms navigate increasingly complex AML regulations and the prospect of the FCA as a regulator in…
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Client Matter Risk Assessments:Think First, Type Second, Tick Never
In the world of AML compliance, the Client Matter Risk Assessment is often viewed as the final hurdle before a file can truly get moving. For many fee earners, it is a chore, a list of questions to be “cleared” so the real work can start. According to recent SRA thematic reviews and industry insights,…