Tag: Independent AML Audit
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SRA Cracks Down on Financial Crime: Whiteheads Case Study
The Solicitors Regulation Authority fined Whiteheads Solicitors £2,584 plus costs for failures in compliance with anti-money laundering regulations. Key issues included inadequate client risk assessments and poor scrutiny of fund sources. This case underscores the necessity for law firms to ensure rigorous application of AML policies to avoid penalties.
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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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Counterpoint: Why Robust AML Controls Are Essential in Conveyancing
The recent article published by The Negotiator highlights concerns from the Property Lawyers Alliance (PLA) regarding the perceived excessiveness of anti-money laundering (AML) regulations in the conveyancing sector, arguing that these controls are “choking” the homebuying process with red tape, delays, and financial burdens. While these frustrations are understandable, it is crucial to recognise the indispensable…
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Why Every Law Firm Needs an Independent AML Audit—Before It’s Too Late
If you run a law firm, you already know that AML compliance isn’t optional—it’s a regulatory necessity. But here’s the real question: When was the last time your firm had an independent AML audit? With the Solicitors Regulation Authority (SRA) cracking down on AML compliance and the Legal Sector Affinity Group (LSAG) tightening its guidelines,…
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What does it mean when the SRA offers your firm to AML InvestigationTeam
The Solicitors Regulation Authority (SRA) plays a crucial role in ensuring that legal professionals uphold the highest standards of conduct, particularly in relation to anti-money laundering (AML) compliance. I am seeing an increasing amount of outcomes letters from the SRA advising firms that they are appointing the Investigations team to take over. If a law…
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AML Firm-wide Risk Assessment: No1 Document
The foundational document when is comes to AML compliance is the AML firm-wide risk assessment. It is often described as the keystone of money laundering compliance in a law firms. Once a well drafted AML firm-wide risk assessment (FWRA) is in place the remainder your AML policies and procedures, training and due diligence will flow…
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AML Supervision Report Issued
The long awaited final HM Treasury Anti-money laundering and counter-terrorist financing: Supervision Report: 2022-23 has been issued, noting that the most common breaches in the legal sector. The government’s annual supervision report for the financial year 2022-23 offers a timely insight into the activities of the UK’s 25 anti-money laundering supervisors including the SRA during…