Reports indicate that the Solicitors Regulation Authority is continuing to ramp up its enforcement activity. 173 fines have been issued to law firms and individuals in the last financial year – this has increased by double the amount comparing to the previous year’s total. The number of AML inspections and reviews has also doubled across the same period. This surge in enforcement activity has understandably heightened concerns among law firms across England and Wales about the risk of non-compliance. While many firms are working diligently to meet their obligations, the increased regulatory burden adds another layer of pressure to an already demanding compliance landscape.
Why it matters?
We recognise that the vast majority of law firms take their AML responsibilities seriously and are committing substantial time and resources to ensure compliance and risk management. AML regulations are nevertheless complex, and expectations continue to change from time to time. This offers an opportunity for firms – especially those in conveyancing and private client practice – to reflect on their current AML frameworks:
- Policies that don’t reflect the size, scope, or services of the firm
- Gaps in client due diligence
- Risk assessments that may not be current or clearly documented
Strengthening processes with the right workflow
Integrated systems like Intelliworks offer structure and consistency for firms who are considering implementing updates to their AML approach. Essential checks such as client due diligence, identity verification and risk assessments are embedded within our Intelliworks workflows – making compliance part of everyday case progression rather than a separate process.
Intelliworks is designed by legal professionals and with that in mind, it offers updates that reflect the latest regulatory changes. This enables teams to stay aligned without the need to track every little change manually.
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