Conveyancers continue to bear brunt of AML penalties
Summary
The article reports that the Solicitors Regulation Authority has continued to impose significant AML penalties on firms undertaking conveyancing, with client matter risk assessment failures the most common issue. It highlights repeated weaknesses in policies, controls and procedures, firm-wide risk assessments, and source of funds checks, including some historic breaches dating back to 2011.
Why it matters
Residential property surveyors should be aware that conveyancing remains a high-risk area for AML compliance, which can affect transaction timelines and the robustness of parties involved in property deals. The findings also underline the wider regulatory scrutiny surrounding property transactions and the importance of due diligence across the conveyancing chain.
Key points
- Most SRA AML penalties this year have involved conveyancing work.
- Missing, late or undocumented client matter risk assessments were the most common breach.
- Inadequate or outdated policies, controls and procedures were frequently identified.
- Weak firm-wide risk assessments and source of funds checks were also common.
- The SRA has penalised some firms for historic breaches dating back to 2011.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
