Tag: FCA AML Audit
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The FCA is Coming: Why Your Next AML Audit is the Most Critical One Yet
A “changing of the guard” is underway in the world AML supervision. As recently reported by the Law Society Gazette, the UK government is moving toward a single supervisory model, with the FCA set to take over AML oversight from the SRA and other professional bodies. For many law firms, the reaction has been a…
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New Firms, New Focus: Why the SRA is Closing the “Two-Year Gap”
For years, many newly established law firms felt they had a “grace period” before falling under the intense gaze of an SRA AML Audit. The logic was simple: without years of historical data or a track record of completed data questionnaires, these firms sat comfortably in a middle-of-the-road risk category. However, the latest OPBAS (Office…
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AML Supervision: The “Paper Tiger” Era is Ending
A recent Financial Times report on the state of anti-money laundering (AML) supervision in the UK has sent a clear message to the professional services sector: while compliance is improving, enforcement still lacks the “teeth” necessary to be a true deterrent. At Lexsure, we perform Independent AML Audits for a wide range of legal firms…
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The Email Every Senior Partner Dreads: When the SRA Meets Your Lender Panel
It is hardly news anymore: the SRA is on an AML warpath…again. Fines are up, patience is down, and the “unlimited” fining power is being flexed. But if you think a five-figure check to the regulator is your biggest problem, think again. The real “death blow” isn’t the fine. It’s the email that arrives some…
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Why “Defensible Judgment” is the Law Firm’s New AML Mandate for 2026
In 2026, the legal sector finds itself at a critical juncture. With the UK economy facing a very negative future, the implications for UK law firms are acute. As “gatekeepers” solicitors and legal professionals are facing a perfect storm of economic volatility, sophisticated criminal tactics, and a sharp pivot by regulators toward “outcomes-based” enforcement. Here…
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Feb 2026 AML Special: Most common areas that SRA focus on when it comes to an AML Policy
I am increasingly seeing the SRA identify that firms’ compliance policies are missing the following key provisions: Do not wait for an SRA AML audit or, worst still an FCA AML Audit. Make sure your PCPs are updated.
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The SRA’s New “Profiler”: The Thin End of the Wedge for Law Firms?
In the legal world, “intervention” is a word that usually signals the end of the road. It means the regulator has stepped in, the locks have been changed, and a firm’s existence has been extinguished. But for years, the Solicitors Regulation Authority (SRA) has been criticised for arriving at the scene only after the building…
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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?
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.