Compliance Training: From Regulatory Obligation to Strategic Advantage
The chances of your firm coming under regulatory scrutiny have never been higher. In its latest Anti-Money Laundering Annual Report, the Solicitors Regulation Authority (SRA) reported 935 proactive AML supervisory engagements in a single year—including 317 on-site inspections and 516 desk-based reviews—a 72% increase on the previous reporting period.
Perhaps more tellingly, firms referred for investigation commonly failed to demonstrate effective AML controls, risk assessments and, crucially, adequate staff training.
The SRA’s message is becoming increasingly clear: compliance is no longer judged solely by the quality of your policies, but by how effectively they are embedded across your firm. Training has become one of the clearest indicators of an effective compliance culture.
For many firms, compliance training has traditionally been viewed as an annual “tick-box” exercise. However, regulators are increasingly asking a different question: can your people demonstrate that they understand their responsibilities and apply them consistently in practice?
This places greater importance on role-specific, relevant and regularly refreshed training. Fee earners, partners, compliance teams and support staff all face different regulatory risks, and generic learning is unlikely to satisfy the expectations of an increasingly proactive regulator. The SRA has repeatedly identified weaknesses in client and matter risk assessments, source of funds enquiries and the implementation of firm-wide policies—all areas where effective training can reduce risk before issues become regulatory findings.
About Complify
The latest MLS Advantage partner. At Complify we provide engaging compliance eLearning to law firms and other regulated businesses.
We provide several comprehensive suites of courses including Game Based options, an agile approach to customising courses to your firm and a user friendly user-friendly Learning Management System with managed service. See a course example here.
MLS members get a 20% discounted rate and firms with 5 staff free access for the first year.
For more information about our services, please visit us at www.complifyglobal.com or contact Glenn Rhea who runs the UK business at glenn.rhea@complifyglobal.com