SRA AML Audit
Articles on SRA anti-money laundering audits and inspections of law firms, including common findings, firmwide and client matter risk assessments, policies, due diligence and the steps firms can take to address compliance gaps.
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When AML Failures Are Just the Tip of the Iceberg
The SRA has moved to intervene in yet another multi-office firm, marking a total shutdown that serves as a sobering wake-up call for the legal sector. Operating across four counties with ten offices and 42 staff, the CQS accredited firm has been shuttered, and three solicitors have been suspended. While the solicitors themselves aren’t facing…
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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…