Tag: SRA AML Audit
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Lexcel Accredited but Removed from Lender Panels: The AML Blind Spot Behind the Badge
A firm maintained Lexcel accreditation for more than ten years but was removed from key lender panels after an SRA AML audit. What does that reveal about accreditation, independent AML audits and the risk of false assurance?
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Lender Panel Removal: Why an AML Breach and a Solicitor Style Letter Will Not Save You
An SRA sanction for an anti money laundering failure may not be the end of the matter. For a conveyancing firm, it can be the beginning of a second and potentially more damaging problem: lender panel removal. Consider the position of a firm that has invested in accreditation, maintained its professional indemnity insurance and regarded…
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The FCA Is Set to Take On Legal Sector AML Oversight: What It Means for Law Firms
The UK government announced that the FCA will start supervising anti-money laundering (AML) for legal professionals by late 2028, unifying oversight previously handled by multiple bodies. FCA AML audits are on the way. The transition mandates stricter compliance standards and emphasises effective control measures, urging law firms to prepare well in advance.
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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.
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Bank of Scotland Sanctions Fine: Lessons for Law Firms
Updated October 2026: This article has been revised to reflect the official OFSI penalty notice, the SRA’s sanctions guidance and the replacement of the former OFSI Consolidated List by the UK Sanctions List. A sanctions screening system returned no match. The customer presented a British passport. The account was opened. But the individual was a…
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Independent AML Audits : The High Street Firm’s Secret Weapon
The FCA’s shift toward “Impactful Deterrence” is already making waves, there is a specific regulatory transition looming that should have every High Street partner checking their risk register: the transfer of AML supervision. Currently, for most High Street firms, the Solicitors Regulation Authority holds the reins. But the landscape is shifting. The Financial Conduct Authority…
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HMRC Tax Adviser Registration: The SDLT & Conveyancing Trap
As of May 2026, tax advisers in the legal sector, particularly conveyancing practices, must complete mandatory HMRC registration, which hinges on Anti-Money Laundering (AML) compliance. Firms must update their AML policies, prepare for thorough audits, and ensure all relevant individuals are vetted to avoid registration refusal and filing blocks.
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Firmwide Risk Assessment Failures | SRA AML Fines
Recent SRA enforcement highlights the risks of static, generic or missing firm-wide risk assessments. The FWRA should reflect your practice and shape your AML procedures.
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HSBC Panel Removal: LMS Oversight
The conveyancing sector is undergoing changes in how LMS manages HSBC’s conveyancing panel, particularly after SRA AML audits. Firms facing SRA sanctions risk lender panel removal, complicating client arrangements and increasing costs. Firms need strategic, remediation-focused responses to manage potential risks. Lexsure offers lender panel removal consultancy services for affected firms.
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Reg 21 Independent AML Audit : The Real Work Begins After
Receiving a Reg 21 independent AML audit report is only the beginning. These five practical steps will help your firm review the findings, manage remediation, deliver targeted training and demonstrate that improvements are working.