FCA AML Audit
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The High Street Practitioner’s Guide to Surviving the FCA
The shift to FCA supervision for AML compliance demands small firms document their processes and justify decisions, moving away from reliance on personal relationships. Sole practitioners face increased responsibilities for compliance. Implementing efficient systems and tracking risks is essential to navigate regulatory scrutiny and demonstrate commitment to AML standards without overwhelming workloads.
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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.