Join us for a practical look at the changing AML landscape for UK law firms, the weaknesses regulators are finding and what firms can do now to strengthen their controls.
AML supervision of the legal sector is becoming increasingly proactive and evidence-led. Recent SRA reviews have highlighted persistent weaknesses in areas including client and matter risk assessments, source of funds checks, policies and procedures, sanctions controls and the ability to demonstrate that AML processes are working effectively in practice.
At the same time, the planned transition to FCA supervision represents a significant change for the profession, with firms likely to face greater scrutiny of data, management information, ongoing monitoring, governance and control effectiveness.
This session examines what recent SRA findings and enforcement action tell us about regulatory expectations, why seemingly foundational control gaps continue to result in penalties, and how firms can use the transition period to prepare for a more evidence-driven supervisory environment.
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