There is a firm on the SRA’s register that ran without compliant AML policies, controls and procedures from 26 June 2017 until 1 June 2025. The regulator published the outcome this June. That firm had nothing in place. Its failure was…
Why Firms Get the Outlook on AML Recommendations Backwards
Most firms treat an independent AML review the way they’d treat a school inspection: something to survive, not something to want. If the report comes back with recommendations, that gets read as a scorecard and is seen as proof the firm…
When Having a Policy Isn’t Enough: What a Recent £25,000 SRA Fine Actually Shows
On 30 June 2026, the SRA published a settlement agreement fining a law firm £25,000 for anti-money laundering control failures. Read quickly, it looks like another line in a growing list of enforcement notices. Read closely, and it says something most…
The FCA Transition and What It Means for Law Firms
Last month, HM Treasury published its consultation response on the transfer of AML and counter-terrorist financing supervision to the Financial Conduct Authority. The policy position is now settled. The FCA will become the single professional services supervisor for AML with full…
The FCA Spoke on AI This Week. Every Other Regulator Will Be Watching.
The FCA Spoke on AI This Week. Every Other Regulator Will Be Watching. The FCA’s chief executive Nikhil Rathi recently gave a speech that I think every compliance professional in the UK should read. The speech was titled “Rethinking regulation…
Is Your AML Framework Compliant — or Just Untested
Last week, Rooks Rider Solicitors was fined £25,000 for AML failures including non-compliant risk assessments, out-of-date policies and inadequate source of funds checks on conveyancing files. The failures ran for eight years before the SRA’s proactive supervision team identified them through…
The FCA Has Raised the Stakes on Financial Crime.
The FCA Has Raised the Stakes on Financial Crime. Earlier this month, the Financial Conduct Authority did something it has never done before. It applied to the High Court to place a regulated firm into special administration, not because of…
Three AML Changes UK Law Firms Need on Their Radar Now
Most law firms are aware that AML regulation is changing but fewer realise that three significant developments are converging in the same window and each one demanding a response and together representing the most pressure the sector has faced on AML…