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Tag: FWRA

  • AML Audit Checklist for Law Firms: Is Your Firm Truly Inspection-Ready?

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    by

    Simon Seaton
    in

    In the current regulatory climate, “hoping for the best” is no longer a viable compliance strategy for law firms. With the Solicitors Regulation Authority (SRA) increasing the frequency of audits and the transition toward tighter FCA-level scrutiny, law firms are under more pressure than ever to prove their anti-money laundering (AML) credentials. The cornerstone of…

  • How Often Should Your Firm Conduct an Independent AML Audit?

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    by

    Simon Seaton
    in

    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…

  • December 2025: The SRA’s AML Audit Crackdown Has Arrived

    December 2025: The SRA’s AML Audit Crackdown Has Arrived

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    by

    Simon Seaton
    in

    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.

  • Firm Fined for Inadequate FWRA

    Firm Fined for Inadequate FWRA

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    by

    Simon Seaton
    in ,

    The Solicitors Regulation Authority (SRA) assault on firm for breaches of anti-money laundering (AML) rules has continued, with Raegal Limited being fined £1,520 (an amount equivalent to 2.4% of its gross annual domestic turnover for the last financial year). On top of this an order of £1,350 was made for costs. The penalty was due to…

  • Changes to AML Regulations

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    by

    Simon Seaton
    in

    New changes to the Money Laundering Regulations 2017 took effect on 18 November, following the introduction of the Economic Crime and Corporate Transparency Act 2023. These amendments specifically impact how firms interact with the Register of Overseas Entities. Two key updates have been implemented: First, Regulation 28 has been clarified to confirm that the Register…