First AML & Manchester Law Society Roundtable Dinner: Compliance Trends and Challenges
First AML partnered with the Manchester Law Society to host a thought-provoking roundtable dinner, bringing together leaders from across the North West in the legal, real estate, and compliance sectors. Michael Sadan, Global Head of Partnerships and Jonathan Coleman, Global Head of Sales co-hosted the session at Manchester Hall.
The event featured discussions on the following issues:
- Higher SRA Fines
We explored recent trends in regulatory fines, specifically the SRA’s decision to issue penalties for instances where breaches posed only a potential for money laundering. The discussion highlighted how higher fines, seen in other sectors, can offset compliance costs, potentially encouraging better behaviour across firms.
- Centralised vs. Decentralised Compliance
Firms with centralised compliance functions find it beneficial for consistency and expertise, improving client experience and productivity. Yet, decentralised models offer adaptability, and allow for ownership of risk to be firmly placed on the fee-earner. In summary, the choice of model often depends on the firm’s size and the maturity of its compliance operations.
- Guidance from Regulators: Is More Supportive or Suffocating?
The need for clearer guidance from regulatory bodies prompted differing opinions. Many attendees expressed frustration with vague “risk-based” approaches, feeling that concrete examples could help standardise practices. Others thought excessive regulatory involvement might stifle autonomy, preferring to rely on internal risk policies. - Emerging Trends: A 2024 Retrospective and 2025 Outlook
Reflecting on 2024, First AML observed an increasing trend of rethinking the onboarding process from scratch, focusing on efficiency and client experience. As firms mature in compliance standards, the focus now is on faster, simpler workflows, with continued emphasis on sanctions and geopolitical considerations. - Feedback on the Recent SRA Compliance Questionnaire
Closing the session, attendees shared mixed feedback on the SRA’s recent compliance questionnaire, with some firms finding it beneficial for introspection, while others saw it as an additional administrative hurdle.
Special thanks to Fran for all of her hard work behind the scenes to organise this successful round table. If you would like to learn more about First AML and our unique one stop AML solution, please don’t hesitate to reach out to [email protected]
