Tag: MLRO
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Regulation 21 Independent AML Audit: More Than a Regulatory Requirement
Following on from my recent blog on the evolving role of the MLRO, I realised I overlooked one critical component: the independent AML audit. The more I considered it, the clearer it became that this is not a supporting detail but something that deserves attention in its own right. Under Regulation 21 of the Money…
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MLRO: From Compliance Gatekeeper to Cultural Architect
The role of the Money Laundering Reporting Officer at a law firm often remains an additional task. It is a thankless, burdensome responsibility tacked onto an already busy fee-earning role. Historically, it was viewed as a “back-office” necessity; a hat to be worn only when a problem arose. Today, that dynamic has shifted. As regulatory…
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Client matter risk assessment: Balancing compliance with conveyancing momentum
I recently joined a roundtable discussion with several MLROs to dive into the evolving world of Client Matter Risk Assessments (CMRAs). The conversation moved quickly past the “tick-box” mentality, focusing instead on how forward-thinking firms are reframing these assessments as continuous strategic assets rather than administrative hurdles. Here are the three biggest takeaways from the…
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The AML Accountability Gap: Why Explainability Is the New Standard
Law firms are right to be uneasy about autopilot AML compliance. “The algorithm said so” is never going to be an acceptable answer to a regulator. In the eyes of the SRA, and potentially the FCA in due course, handing total authority to software is not innovation. It is a shortcut to serious regulatory penalties.…