Regulation and Compliance Office

Regulation and Compliance Office Helping law firms and regulated businesses navigate AML, compliance, and risk management with guidance.

Overseas funds can add another layer of complexity to Source of Funds checks.Legal Compliance Manager Giorgio Dimaria's ...
21/08/2026

Overseas funds can add another layer of complexity to Source of Funds checks.

Legal Compliance Manager Giorgio Dimaria's key message is that firms should go beyond simply obtaining bank statements. The important part is understanding where the money came from, tracing it back to its origin where necessary, and assessing whether the explanation and supporting evidence make sense.

Jurisdictional risk also matters. Funds connected to FATF Black or Grey List countries, or jurisdictions with higher corruption risk or weaker AML controls, may require additional scrutiny and enhanced due diligence.

Where several risk factors are present, the matter may need to be treated as high risk and escalated to the MLRO.

And throughout the process, Giorgio’s advice is simple:

“Document your rationale and let the file speak for itself.”

Follow Regulation and Compliance Office for more practical AML and compliance insights.

The SRA has issued a clear warning on the misuse of AI in legal work, with particular focus on false AI-generated author...
21/08/2026

The SRA has issued a clear warning on the misuse of AI in legal work, with particular focus on false AI-generated authorities and risks to client confidentiality.

Firms should review their AI policies, supervision arrangements, data safeguards, and staff training now.

Read the full article here: https://bit.ly/45GJpsp

Would your law firm’s compliance framework stand up to regulatory scrutiny today?Join our Managing Director, David Green...
19/08/2026

Would your law firm’s compliance framework stand up to regulatory scrutiny today?

Join our Managing Director, David Green, on Wednesday 23 September for a free 60-minute webinar looking at what a robust and defensible compliance framework should look like in 2026.

Drawing on the issues we regularly see through audits, file reviews and our work with law firms, David will cover key areas including SRA compliance, AML and sanctions, firm-wide risk assessments, Policies, Controls and Procedures, and how firms can evidence that their compliance arrangements are working in practice.

The session is designed for Managing Partners, COLPs, COFAs, MLROs and anyone responsible for compliance within a law firm.

🎥 Everyone who attends will receive the recording
📄 Free practical compliance resources will also be shared during the session

Find out more and register for free here: https://bit.ly/4gkSeNk

Could your firm's client verification process identify a deepfake?The SRA's latest Sectoral Risk Assessment has increase...
18/08/2026

Could your firm's client verification process identify a deepfake?

The SRA's latest Sectoral Risk Assessment has increased its focus on technology risks facing law firms, including AI-enabled impersonation, deepfakes and cyber-enabled fraud.

With remote onboarding now commonplace, firms should consider whether their existing identity checks, AML framework and cyber security controls are equipped for increasingly sophisticated attempts at fraud.

Our latest article covers the practical steps firms should consider now, from client onboarding and identity verification to staff awareness and Cyber Essentials certification.

Read the full article here: https://bit.ly/4ggvTAn

“One of the most significant FCA changes coming into force on 1 September isn’t about financial crime or reporting. It’s...
14/08/2026

“One of the most significant FCA changes coming into force on 1 September isn’t about financial crime or reporting. It’s about culture, conduct and accountability.”

That's the view of Dipesh Vaghela, Compliance Manager at RACO, following the FCA's changes relating to non-financial misconduct.

Dipesh works directly with regulated businesses on governance, compliance frameworks and regulatory obligations, and he sees this as an important development in the way firms need to think about workplace behaviour.

Not every allegation of bullying, harassment or other misconduct will automatically amount to a Conduct Rules breach. Firms will need to consider seriousness, the connection to work and the facts of each individual case.

For Dipesh, however, the bigger question is how prepared firms are to make those decisions consistently and fairly.

Managers need to understand when behavioural issues may have regulatory consequences. Investigations need to be properly documented. Employees need confidence to raise concerns, and relevant behaviour needs to form part of appropriate fitness and propriety assessments.

As Dipesh puts it:

“Strong compliance isn't only about preventing financial misconduct. It's about creating a culture where integrity, professionalism and respect are embedded throughout the firm.”

Swipe through for Dipesh's thoughts on what FCA-regulated firms should be considering before 1 September 2026.

Follow Regulation and Compliance Office and connect with Dipesh for more practical compliance insights.

What does a strong AML and financial crime framework actually look like?For Dipesh Vaghela, Compliance Manager at RACO, ...
11/08/2026

What does a strong AML and financial crime framework actually look like?

For Dipesh Vaghela, Compliance Manager at RACO, he sees the strongest organisations using compliance to make better decisions, understand their exposure and protect the business as financial crime risks continue to evolve.

In Dipesh’s view, there are several areas that make the biggest difference.

A genuinely risk-based approach should reflect the business rather than applying the same controls to every client or transaction. Client due diligence and ongoing monitoring need to remain proportionate, accurate and regularly reviewed.

Technology can help identify risk and support decision-making, but experienced people remain crucial when determining what an alert or unusual activity actually means.

Just as importantly, AML cannot sit solely with the compliance team. The strongest frameworks are supported by people across the organisation who understand their role in identifying and escalating risk.

As Dipesh puts it:

“Good AML and financial crime programmes aren’t measured by how many boxes are ticked. They’re measured by how effectively they reduce risk while allowing businesses to grow with confidence.”

Follow Regulation and Compliance Office and connect with Dipesh for more practical insights from his work with regulated businesses.

The SRA’s updated sectoral AML risk assessment is a useful reminder that a Firm-Wide Risk Assessment should reflect the ...
07/08/2026

The SRA’s updated sectoral AML risk assessment is a useful reminder that a Firm-Wide Risk Assessment should reflect the risks a firm is dealing with now, rather than the position when the document was first written.

Thanks to Anjana Mepani, Legal Compliance Manager at Regulation & Compliance Office, for sharing her practical take on the update.

From her work with law firms, some of the areas that deserve particular attention include the nature of the matter, client type, jurisdiction, transaction value, complexity and the source of funds and source of wealth involved.

The same principle applies at matter level. Client and Matter Risk Assessments should be completed at the outset and reviewed as the transaction develops, particularly where new information or changes in funding could alter the risk profile.

The SRA has also made clear that a firm’s FWRA is one of the documents it may request during proactive supervision, desk-based reviews or investigations.

Follow Regulation and Compliance Office for more practical regulatory insights.

Have you updated your AML framework following the latest changes to the Money Laundering Regulations?The amendments have...
07/08/2026

Have you updated your AML framework following the latest changes to the Money Laundering Regulations?

The amendments have been in force since 30 June 2026, affecting areas such as enhanced due diligence, high-risk third countries, and monetary thresholds.

Regulated firms should now ensure their AML policies, risk assessments and staff training reflect the updated requirements, with clear records supporting risk-based decisions.

🔗 Read the latest insights here: https://bit.ly/4wJywlf

The cash threshold for high-value dealers and art market participants changed on 30 June 2026.The previous €10,000 thres...
05/08/2026

The cash threshold for high-value dealers and art market participants changed on 30 June 2026.

The previous €10,000 threshold has now been replaced with a flat £10,000 cash trigger, removing the need for exchange-rate calculations.

The change is straightforward, but the compliance risks are not.

Read the full article here: https://bit.ly/4pW0h7E

Is your Scottish firm meeting its Rule B5 complaints handling duties in practice?The Client Relations Manager role carri...
03/08/2026

Is your Scottish firm meeting its Rule B5 complaints handling duties in practice?

The Client Relations Manager role carries more responsibility than simply naming someone in the firm. Practices must maintain a central complaints record, follow a written procedure, meet SLCC signposting requirements and keep the Law Society of Scotland informed of any changes.

With the Scottish complaints framework continuing to evolve, now is a sensible time to review whether your current arrangements are consistent, independent and properly documented.

Our latest article explains Rule B5, the role of the SLCC and why more Scottish firms are considering outsourced complaints support.

Read the full article here: https://bit.ly/4pSUrE9

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