The average AML fine for small or medium-sized law firms in 2024 ranged between £10,000 and £25,000.
UK practicing Solicitors have many issues to deal with, not only the new changes by a new Government but the SRA is ramping up their AML fines activity!
The Hottest AML Review Service Areas, Where Fines Are Focused Are;
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Solicitors Handling Financial Transactions: Specialising in property deals, company formations, and other financial transactions.
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High-Risk Practice Areas: Including conveyancing, trusts, and corporate law.
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Smaller to Medium-Sized Firms: Especially those without dedicated in-house compliance teams.
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Sole Practitioners: Seeking streamlined and effective compliance strategies.
We Also Conduct Mid Range or Full Service Comprehensive Compliance Audit And Reports – ask for details!
AML Review Services We Offer: Addressing Critical Needs:
1. Regular AML Policy and Procedure Assessments: Ensure your firm remains compliant with the latest AML regulations through thorough and periodic reviews .
2. Up-to-Date Training Programs: Provide ongoing education on identifying and reporting suspicious activities, ensuring your team is always prepared
3. Client Due Diligence and Risk Assessment Assistance: Expert guidance on conducting comprehensive client due diligence and risk assessments, tailored to the unique needs of legal practices.
4. Guidance on Record-Keeping and Documentation: Support in maintaining meticulous records and documentation to meet regulatory requirements.
5. Technology Solutions for AML Compliance: Implement advanced technology solutions to enhance your AML compliance efforts, keeping your practice ahead of potential threats.
6. Preparation for SRA Inspections: Get ready for Solicitors Regulation Authority (SRA) inspections with expert advice and practical support, ensuring a smooth and successful review process.
7. Handling Complex AML Scenarios: Navigate complex AML scenarios with confidence, backed by specialised advice tailored to the legal sector.
8. Assurance of Regulatory Compliance: Stay compliant with the Money Laundering Regulations 2017 and subsequent updates, providing peace of mind and protecting your firm’s reputation.
Why Choose Our AML Review Services?
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Experience and Expertise in Legal Sector AML Requirements: Deep understanding of the specific AML challenges faced by solicitors.
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Tailored Solutions: Customised reviews and training that address the unique needs of smaller firms and sole practitioners.
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Proactive Support: Regular updates and proactive advice to keep your practice compliant and ahead of regulatory changes.
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Success Stories and Case Studies: Proven track record of updating and amending documents leading to the reduction of potential fines and achieving compliance for other firms. Learn from the experiences of similar practices.
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Money-Back Guarantee: Confidence in our services with a money-back guarantee if you are not satisfied.
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Free Review in 12 month’s: We will review your documentation and amend as necessary in 12 months after completion.
OR Buy Your Own Template Policy & Procedures HERE!
We Also Conduct Mid Range or Full Service Comprehensive Compliance Audit And Reports – ask for details!
Ensure your practice meets the highest standards of AML compliance with our specialised review services designed specifically for UK solicitors.
Click on the Banner Below and Request Your Free Consultation
with our Legal Compliance Specialist
(up to 45 mins for legal professionals)
Source for fines: https://theintermediary.co.uk/2024/07/sra-increases-penalties-for-money-laundering-breaches/
You May Also Be Interested in;
SRA AML Guidance – How To Cover AML Requirements in the UK https://complianceconsultant.org/sra-aml-guidance-how-to-cover-aml-requirements-in-the-uk/
Enhancing Compliance: Strategies for Law Firms to Avoid Anti-Money Laundering Fines https://complianceconsultant.org/enhancing-compliance-strategies-for-law-firms-to-avoid-anti-money-laundering-fines/
Compliance and Ethics in Law Firms: A Guide for Legal Support Staff https://complianceconsultant.org/compliance-and-ethics-in-law-firms-a-guide-for-legal-support-staff/
Navigating the Maze: Our Experience with Enforcement of MLR 2017 by HMRC and the SRA https://complianceconsultant.org/navigating-the-maze-our-experience-with-enforcement-of-mlr-2017-by-hmrc-and-the-sra/
It’s not just us that are HELPING you!
Anti-money laundering guidance for the legal sector (Law Society) https://www.lawsociety.org.uk/en/topics/anti-money-laundering/anti-money-laundering-guidance
Your AML obligations (Solicitors Regulation Authority) https://www.sra.org.uk/solicitors/resources/money-laundering/guidance-support/
AML guidance for legal sector updated (Legal Sector Affinity Group) https://www.lawscot.org.uk/news-and-events/law-society-news/aml-guidance-for-legal-sector-updated/
UK Government responds to Money Laundering Regulations (Law Society of Scotland) https://www.lawscot.org.uk/news-and-events/law-society-news/uk-government-responds-to-money-laundering-regulations-consultation/
Money Laundering Advisory Notice: High-Risk Third Countries (UK Government) https://www.gov.uk/government/publications/money-laundering-advisory-notice-high-risk-third-countries–2/money-laundering-advisory-notice-high-risk-third-countries–2
