Regulation 21 Independent AML Audit
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The SRA’s AML Questionnaire Is About to Get Much Harder to Bluff
The SRA’s AML data collection process is evolving, leveraging AI to identify discrepancies in submitted data by 2026. Firms must prepare for more in-depth questions and independent audit requirements. With the FCA taking over as the AML supervisor, continuous data capture and genuine risk management are now essential for firms to avoid penalties.
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Independent AML Audit: Is Your Firm Prepared for the 2028 FCA Takeover?
Robust anti-money laundering (AML) controls are critical for law firms. The SRA emphasizes practical compliance over mere documentation. A Reg 21 Independent AML Audit is essential for assessing risks, due diligence, and governance. As scrutiny intensifies, firms should prioritize these audits to foster a culture of compliance and avoid FCA sanctions.