In this episode of the AML Clinic Podcast, Michelle Clement explores how the SRA determines whether a breach is “serious” in practice.

Understanding how to evaluate the seriousness of breaches is essential for law firms. Many firms grasp the rules, but fewer truly understand how the SRA assesses seriousness. Knowing this can help you make defensible decisions and avoid unnecessary panic when issues arise.

In this episode, the tables are turned as I’m interviewed by Pearl Moses, the Former Head of Risk and Compliance at the Law Society who came prepared with questions gathered from AML professionals across the legal sector.

We discuss the biggest AML mistakes many law firms make, what ''does it make sense” means in practice, and how firms can challenge factual inaccuracies or misinterpretations during SRA engagement.

We also explore what the SRA looks for when reviewing files, what the FCA's take over means for the legal sector today, and why firms should focus on building defensible AML frameworks that stand up to scrutiny.

In this episode of the AML Clinic podcast, host Michelle Clement engages with Colin Solomon, a senior specialist in offshore financial services, to explore the complexities surrounding offshore jurisdictions and their associated AML risks.

The conversation delves into why offshore entities are deemed inherently risky, emphasising the need for a nuanced understanding of risk that transcends simplistic categorisations. Solomon argues that while there are bad actors in offshore jurisdictions, the perception of risk is often influenced by regulatory caution and media narratives. He provides practical insights for law firms on how to assess offshore structures and beneficial ownership, advocating for a risk-based approach that prioritizes understanding over assumptions.