When you require an Independent AML Audit conducted on your firm, we can supply Compliance Experts and Certification.

Independent AML Audits

Under the Money Laundering Regulations 2017 (MLR 2017), law firms that are subject to anti-money laundering requirements must establish and maintain effective policies, controls, and procedures to mitigate the risk of money laundering and terrorist financing.  Regulation 21 of the MLR requires that, where appropriate to the size and nature of the business, firms must conduct an independent audit of these AML systems to assess their effectiveness. An independent AML audit provides an objective review of a firm's compliance framework, identifying potential gaps in policies, procedures, training, and record-keeping.  The audit must be carried out by someone independent from the implementation and operation of the firm’s AML controls — typically an external expert or an internal individual who is not involved in day-to-day AML processes. Firms that typically require an independent AML audit include: • Medium to large law firms handling a high volume of regulated work (e.g., conveyancing, trust and company services, or client account transactions). • Firms operating in higher-risk areas or jurisdictions. • Firms with complex structures or multiple offices. • A firm of any size (including sole practitioners) seeking an external, impartial review, identifying potential weaknesses or vulnerabilities that might be overlooked internally. Even smaller firms may need to conduct an audit if the services they provide present a higher risk of money laundering. The Solicitors Regulation Authority (SRA) expect firms to document their reasoning and to be able to justify whether or not an independent AML audit is required.