Guide to anti-money laundering independent audits: Download now and know what to expect

UK law firms subject to the Money Laundering Regulations are required to establish an independent audit function to examine, evaluate and make recommendations regarding the adequacy and effectiveness of their practice’s anti-money laundering and counter-terrorist financing policies, controls, and procedures.

Our guide will help you understand the five main stages of an external independent audit.

Download the guide

The five stages of independent audits

Stage 1: Initial consultation with the law firm & scoping

Stage 2: Review of your anti-money laundering policies,
controls & procedures (PCPs)

Stage 3: Law firm file audits/file reviews

Stage 4: Staff interviews

Stage 5: Independent AML audit report

AML Audits

Our partners at Compliance Office have the expertise needed to help you conduct an independent, AML audit in accordance with the latest Legal Sector Affinity Group (LSAG) guidance. Their team keeps its pulse on the latest AML requirements and your audit will be completed by former practising solicitors with many years of experience in law firm regulation, often former SRA staff.

Once the audit is completed, you’ll receive a detailed report as well as an action plan that will help your firm address any weaknesses.

Fill out the contact form below and let us know how we can help you with your AML independent audit.

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GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

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