Firms often focus on AML as the headline risk, but compliance gaps go deeper. Here’s what’s really exposing your firm (and how to fix it).
AML is just the surface
AML checks often dominate compliance conversations and are making plenty of headlines, and for good reason. The regulatory scrutiny around money laundering is real, and the consequences of getting it wrong are severe. But too often, firms treat AML as a standalone task, overlooking the wider risks embedded throughout the client lifecycle.
It’s the rest of your process, onboarding, documentation, and internal consistency where cracks can quietly form. Those cracks are what auditors look for.
Where the gaps really are
Poor compliance doesn’t always come from negligence, sometimes it comes from scattered systems and unclear workflows. Many firms operate with multiple platforms for ID checks, source of funds, and document storage. Staff might use different procedures depending on the client, or duplicate tasks because systems don’t talk to each other.
The risks in that kind of setup include:
- Missing or duplicated client data
- Inconsistent SoF checks
- Over-reliance on admin with no oversight
- Compliance records stored across inboxes, CRMs, PDFs, and shared drives
What regulators want to see
Whether it’s the SRA, CLC, or HMRC, compliance bodies expect a system, not a scramble. They want to see:
- Clear documentation of every client check
- Consistency across matters
- Secure storage and access to audit trails
- Evidence that risks are flagged and followed up
A firm that can’t quickly demonstrate these things may face consequences even if they’ve technically done the work.
How to embed compliance, not just perform it
This is where platforms like Checkboard stand out. Instead of adding more admin, we consolidate and automate key compliance tasks:
- Biometric ID verification with liveness detection
- Real-time screening against PEPs, sanctions, and adverse media
- Open banking source of funds checks
- Instant audit packs ready for review
With everything logged in one place, firms don’t just meet their obligations, they can prove it.
Culture matters, not just checklists
Ultimately, great compliance isn’t a task list. It’s a mindset embedded in how your firm operates. With the right tools and systems, every team member, from junior admin to managing partner, can contribute confidently to a culture of doing things right.
Stop patching the process, start solving it →TRY CHECKBOARD NOW
This article was submitted to be published by Checkboard as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
