Tag: SRA AML Audit
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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.
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December 2025: The SRA’s AML Audit Crackdown Has Arrived
The Solicitors Regulation Authority (SRA) is intensifying its Anti-Money Laundering (AML) enforcement, conducting a record number of audits ahead of the FCA’s expanded oversight. Firms must prioritize compliance, as deficiencies found can lead to serious consequences. A compliance checklist highlights essential steps to prepare for increased scrutiny and potential fines.
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Why Every Law Firm Needs an Independent AML Audit—Before It’s Too Late
If you run a law firm, you already know that AML compliance isn’t optional—it’s a regulatory necessity. But here’s the real question: When was the last time your firm had an independent AML audit? With the Solicitors Regulation Authority (SRA) cracking down on AML compliance and the Legal Sector Affinity Group (LSAG) tightening its guidelines,…
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What does it mean when the SRA offers your firm to AML InvestigationTeam
The Solicitors Regulation Authority (SRA) plays a crucial role in ensuring that legal professionals uphold the highest standards of conduct, particularly in relation to anti-money laundering (AML) compliance. I am seeing an increasing amount of outcomes letters from the SRA advising firms that they are appointing the Investigations team to take over. If a law…
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SRA Fines Essex Firm 24k
The SRA continues to levy large fines on regulated firms who have been in long-term breach of their obligations under the 2017 money laundering regulations. It is not clear whether the decision stems from an SRA AML Audit having been carried out. Fairhurst Menuhin & Co in Essex was fined £23,930, 2% of its turnover…
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Firm Fined for Inadequate FWRA
The Solicitors Regulation Authority (SRA) assault on firm for breaches of anti-money laundering (AML) rules has continued, with Raegal Limited being fined £1,520 (an amount equivalent to 2.4% of its gross annual domestic turnover for the last financial year). On top of this an order of £1,350 was made for costs. The penalty was due to…
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SRA AML Audit Results in £23k fine
A CQS accredited firm operating from two small offices in the south west has been hit with a £23,000 fine for failing to comply with AML regulations. Lexsure has announced a tenfold increase in weekly enquiries concerning their AML audit solutions since this fine was announced. CQS firm Batchelor Sharp was issued with the sanction…
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SRA AML Audits on the Increase
I have seen a huge increase in calls today to our audit helpline from conveyancing firms selected by the SRA for an AML inspection. Not the sort of communication firms wish to receive on a Friday. Surely the SRA can send these communications between Monday and Thursday. Many of the firms that I am talking…