Tag: SRA AML Audit
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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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Lender panels and compliance audits: why preparation is your firm’s strongest defence in 2026
For many conveyancing firms, lender panel membership has long been treated as a stable and reliable part of the business. With CQS accreditation in place and a clean professional indemnity record, lender panel status often felt secure and rarely required active attention. That assumption is becoming increasingly outdated. In 2026, lender panel membership is no…
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The AI AML Assessor: how agentic AI is reshaping AML compliance for law firms
For many years the role of the Money Laundering Reporting Officer in a law firm has carried significant responsibility but often with very limited support. Unlike financial institutions that employ extensive compliance teams, most law firms outside the largest practices operate with minimal AML resources. The burden of reviewing alerts, gathering evidence and making judgement…
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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 £1.3bn MFS Scandal: Are Law Firms Next in the SRA’s Crosshairs?
The FCA’s AML probe into Market Financial Solutions (MFS) following its £1.3 billion collapse has sent shockwaves through Mayfair. While the lender is the primary target, the legal profession may soon move into the “danger zone.” Here is why some law firms should be concerned: 1. The “Enabler” Crackdown Regulators are increasingly targeting the “gatekeepers”…
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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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Client Matter Risk Assessments:Think First, Type Second, Tick Never
In the world of AML compliance, the Client Matter Risk Assessment is often viewed as the final hurdle before a file can truly get moving. For many fee earners, it is a chore, a list of questions to be “cleared” so the real work can start. According to recent SRA thematic reviews and industry insights,…
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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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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…