AML Compliance: One Third of Inspected Firms Not Compliant
A total of 833 firms received either an onsite AML inspection or a desk-based review in 2024-25.
The number of anti-money laundering 'proactive engagements' conducted by the Solicitors Regulation Authority soared by 72% last year,
the regulator's AML annual report reveals.
Almost a third (32.4%) of inspected firms were not compliant, the report reveals as the SRA prepares to hand over responsibility for AML compliance to the Financial Conduct Authority.
- 935 firms - one in six of the number regulated for AML requirements - were probed in 2024-25.
- This is an increase on 545 proactive engagements in the previous reporting year.
- Conveyancing, in particular residential conveyancing, remained the area with the greatest risk, the report states.
Author's summary: SRA reports 72% increase in AML engagements.