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As we know the SRA, along with a lot of other regulators (legal sector and otherwise) introduced "outcomes focused" regulation some years ago. Amongst other things it means no harsh punishments for minor technical breaches. The SRA rules are largely written that way. The trouble is the AML regime (which doesn't come from the SRA) is not written that way. The SRA seems anxious to prove it can regulate solicitors for AML under the threat of a single regulator and has introduced an extremely punitive regime. However if I was the new SRA CEO if I wasn't allowed, having lobbied for it, to take a more proportionate approach to AML enforcement I would be quite happy to cede AML regulation to another body. At a stroke it would remove a major cause of friction with the profession -over rules that the SRA itself hasn't created and seemingly has no control over.