SRA annual AML report: non-compliant firms fall to 22% but fines reach £2.6 million
The Solicitors Regulation Authority's annual anti-money laundering report shows the share of firms assessed as non-compliant fell from 32% to 22% after a record 966 assessments in the year to April 6, 2026. Firms still paid £2.6 million in AML fines through settlements, adjudicator decisions and the Solicitors Disciplinary Tribunal, Legal Futures reported on October 23, 2026.
Key points
- Compliance on firm-wide risk assessments rose from 47% to 60%, and on policies and controls from 38% to 54%.Legal Futures
- Of 6,592 files reviewed, 9% had no source of funds checks and 5% lacked client ID verification.Legal Futures
- The 206 non-compliant firms were referred for investigation; 52 more must follow compliance plans.Legal Futures
- Fines comprised £2 million in 145 settlements, £364,000 from adjudicators and £228,000 at the tribunal.Legal Futures
- Sanctions compliance cases tripled, mostly from human or administrative error.Legal Futures
- The SRA also published new guidance on AML policies, controls and procedures.Legal Futures