Everything you need to know about AML for conveyancers
Summary
The article provides a practical reminder for conveyancers on anti-money laundering controls, including the need for practice-wide, client and matter risk assessments. It outlines the main due diligence levels under the Money Laundering Regulations 2017 and highlights the importance of sanctions and PEP screening, supported by ongoing monitoring and audit trails.
Why it matters
Although written for conveyancers, the guidance is relevant to residential property surveyors because property transactions remain exposed to money laundering risk and surveyors may encounter AML-related processes within transaction workflows. It also reinforces the wider compliance environment around identity checks, sanctions awareness and risk-based decision-making in property work.
Key points
- Property transactions remain a target for money laundering activity.
- Firms should complete practice-wide, client and matter risk assessments.
- Simplified, standard and enhanced due diligence depend on the level of risk.
- PEP and sanctions screening require up-to-date data and ongoing monitoring.
- The SRA continues to focus on AML compliance across the legal sector.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
