- Publication Date
- 2021-07-27
The Solicitors Regulation Authority (SRA) conducted an audit of the law firm to ensure compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 (MLRs 2017), which came into force in June 2017. These regulations require law firms conducting specific types of work to conduct a risk assessment to identify and assess their business’ risks of money laundering and terrorist financing.
The SRA mandated that all relevant firms complete a declaration confirming they have a compliant anti-money laundering firm-wide risk assessment by January 2020. The law firm failed to submit this declaration until April 2021, contravening the established requirements.
As a result, the SRA imposed a financial penalty of £800 on the law firm.