Tag: Independent AML Audit
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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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Reg 21 Independent AML Audit : The Real Work Begins After
5 Immediate Actions for Law Firms Following a Reg 21 Independent AML Audit You’ve just crossed the finish line of your Regulation 21 Independent AML Audit. The report is in your inbox, and the temptation to file it away and return to “business as usual” is strong. However, the stakes for law firms have changed.…
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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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Independent AML Audit: How to Prepare
An independent AML audit shouldn’t be a frantic scramble to “clean up” files. True readiness means moving beyond basic documentation to ensure your internal capacity is prepared. By clearing calendars for interviews and pre-booking senior management reviews, you transform the audit from a stressful “check-box” exercise into a strategic health check. Don’t just show them…
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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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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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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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The “Set It and Forget It” Client Matter Risk Assessment Trap
In the UK AML landscape, onboarding attracts the attention and transaction monitoring secures the investment. The auditors at Lexsure have noted during Independent AML audits that CMRAs are often completed at the outset but left alone thereafter. If you want to find the true unsung hero of a robust compliance framework firms need to focus…
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Why the SRA’s 2025 AML Crackdown is a Direct Threat to Your Lender Panel Status
For many law firms, receiving a fine resulting from an SRA AML Audit is seen as a big disciplinary blow, a public “black mark” and a hit to the profit and loss account. However, as we move through 2025 and into 2026, a much more clinical and commercially devastating threat has emerged. The real danger…