This guide from Compliance Office, part of VinciWorks, explains how independent AML audits help SRA-regulated law firms assess their compliance with the Money Laundering Regulations and prepare for regulator scrutiny. It outlines how a structured audit reviews policies, files, and staff understanding to identify risks and strengthen AML frameworks.
What’s in the guide
- Overview of SRA expectations for independent AML audit functions
- Step-by-step explanation of the AML audit process
- Reviews of policies, controls and procedures (PCPs)
- File audits to assess how AML processes work in practice
- Staff interviews to gauge awareness and training needs
- Red/amber/green audit reporting with recommendations for improvement
