SRA releases its latest AML Annual Report 2023-24, showing increased regulatory action against firms

Report shows that in 2023/24 the Solicitors Regulatory Authority (SRA) took regulatory action against firms in relation to anti-money laundering breaches in 78 cases – an increase on the previous year (47). In more than half of the cases, the most common breaches related to firms having inadequate risk assessments or AML controls. 44 fines were issued, totalling £556,832.