Tag: SRA AML Audit
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New Firms, New Focus: Why the SRA is Closing the “Two-Year Gap”
For years, many newly established law firms felt they had a “grace period” before falling under the intense gaze of an SRA AML Audit. The logic was simple: without years of historical data or a track record of completed data questionnaires, these firms sat comfortably in a middle-of-the-road risk category. However, the latest OPBAS (Office…
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AML Supervision: The “Paper Tiger” Era is Ending
A recent Financial Times report on the state of anti-money laundering (AML) supervision in the UK has sent a clear message to the professional services sector: while compliance is improving, enforcement still lacks the “teeth” necessary to be a true deterrent. At Lexsure, we perform Independent AML Audits for a wide range of legal firms…
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It’s Time for a Digital CMRA.
In the world of legal compliance, “good enough” is a dangerous gamble. If your firm is still relying on static templates or paper-based forms to vet new business, you aren’t just slowing down. You are inviting risk. The SRA and other regulators are increasingly vocal about the difference between a “check-the-box” exercise and a robust…
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The Email Every Senior Partner Dreads: When the SRA Meets Your Lender Panel
It is hardly news anymore: the SRA is on an AML warpath…again. Fines are up, patience is down, and the “unlimited” fining power is being flexed. But if you think a five-figure check to the regulator is your biggest problem, think again. The real “death blow” isn’t the fine. It’s the email that arrives some…
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Why “Defensible Judgment” is the Law Firm’s New AML Mandate for 2026
In 2026, the legal sector finds itself at a critical juncture. With the UK economy facing a very negative future, the implications for UK law firms are acute. As “gatekeepers” solicitors and legal professionals are facing a perfect storm of economic volatility, sophisticated criminal tactics, and a sharp pivot by regulators toward “outcomes-based” enforcement. Here…
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Feb 2026 AML Special: Most common areas that SRA focus on when it comes to an AML Policy
I am increasingly seeing the SRA identify that firms’ compliance policies are missing the following key provisions: Do not wait for an SRA AML audit or, worst still an FCA AML Audit. Make sure your PCPs are updated.
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The SRA’s New “Profiler”: The Thin End of the Wedge for Law Firms?
In the legal world, “intervention” is a word that usually signals the end of the road. It means the regulator has stepped in, the locks have been changed, and a firm’s existence has been extinguished. But for years, the Solicitors Regulation Authority (SRA) has been criticised for arriving at the scene only after the building…
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AML Audit Checklist for Law Firms: Is Your Firm Truly Inspection-Ready?
In the current regulatory climate, “hoping for the best” is no longer a viable compliance strategy for law firms. With the Solicitors Regulation Authority (SRA) increasing the frequency of audits and the transition toward tighter FCA-level scrutiny, law firms are under more pressure than ever to prove their anti-money laundering (AML) credentials. The cornerstone of…
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The AML Oversight Shift: Why Law Firms and Accountants Face a New Reality in 2026
The regulatory landscape for professional services is changing, with the FCA becoming the primary supervisor for accountants, intensifying oversight akin to that of law firms. This shift necessitates a dynamic, risk-based Accountancy AML Checklist, tailored to specific client profiles. Firms must adapt to comply with evolving regulations by 2026 or risk serious repercussions.
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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.