SRA's AML Annual Report for 2023-24

The report highlights key trends and the SRA's proactive measures to address financial crime risks across the legal sector.

Highlights include:

• Property conveyancing remains a high-risk area, with 25% of reviewed files showing insufficient source-of-funds checks;
• 237 onsite inspections and 258 desk-based reviews were conducted, resulting in 78 enforcement actions for breaches of AML regulations;
• Thematic reviews are an increasing focus area of the SRA, with firm risk assessments at supported by good practice guides and templates; and
• The SRA is empowered to utilise its enhanced enforcement powers, including unlimited fines as afforded by the Economic Crime and Corporate Transparency Act 2023.

✅ Supervised firms in the legal sector should review the SRA report to remain aware of regulatory objectives and priorities in ensuring AML compliance.