External AML audits for law firms
conducted by AML and SRA leaders
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, “where appropriate to the nature and size of the practice.” This can be carried out via an internal or an external auditor.
Though an AML audit does not need to be conducted by an external auditor, over 50% of firms choose this method. The team at The Compliance Office have a significant expertise in AML regulation, are up to date on the latest SRA AML guidance and can work with you to efficiently carry out a Regulation 21 Independent AML audit.
What is an AML audit?
An AML audit involves a comprehensive review of your firm’s AML policies, controls and procedures, to ensure compliance with your regulatory obligations. This process includes:
- Initial consultation & scoping meeting with law firm
- Review of your Anti-Money Laundering Policies, Controls & Procedures (PCPs)
- Law firm file audits/file reviews
- Staff interviews
- Preparation of an independent audit report
Compliance Office AML audit
Our partners at Compliance Office have the expertise needed to help you conduct an independent, tech-enhanced AML audit, in accordance with the latest Legal Sector Affinity Group (LSAG) guidance. The team keep their fingers on the pulse of 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.
You won’t need to worry about dedicating extra time and internal resources to this critical process and you’ll be confident that you are enhancing your compliance controls and fully adhering to regulatory requirements.
Once the audit is completed, you’ll receive a detailed report as well as an action plan that will be critical in helping your firm address any weaknesses. Should you require ongoing support to remedy your policies and processes, that can also be provided by The Compliance Office team.
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