Nationwide’s £44 Million Lesson: What Every Conveyancer Must Take From the FCA’s Latest Financial Crime Enforcement Action

The FCA's £44 million fine against Nationwide Building Society is not just a story about a bank. It is a masterclass in what happens when compliance systems become detached from the risks they are supposed to manage.

For conveyancers, the parallels are uncomfortably close. Static CDD. Risk assessments that do not keep pace with changing transactions. Red flags that sit in a queue for weeks before anyone looks at them. Commercial pressures that delay the management of known risks.

In my latest article, we break down the key findings from the Nationwide Final Notice and draw out the practical lessons for conveyancing practices, from ongoing monitoring and source of funds verification to SAR obligations and preparing for the transition to FCA supervision.

With almost a third of law firms found non-compliant in the SRA's most recent AML review, and FCA oversight on the horizon, now is the time to ask whether your compliance framework would withstand scrutiny.

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