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.
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
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.