Regulation 21 Independent AML Audit
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Your CMRA Says “High Risk”. What Happened Next?
The text discusses the importance of effective client and matter risk assessments in conveyancing, emphasizing that merely having a risk rating is insufficient. It outlines the need for documented procedures linking risk evaluations to appropriate actions, enhanced due diligence, and monitoring, ensuring that operational decisions are informed by identified risks and compliance with SRA guidance.
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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.