- Publication Date
- 2021-06-23
The Solicitors Regulation Authority (SRA) undertook an audit on a law firm. On June 2017, the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) came into effect, requiring law firms engaging in specific work to comply. According to these regulations, such firms must conduct a risk assessment to identify and evaluate the business's risks concerning money laundering and terrorist financing.
The SRA requested all relevant firms to complete a declaration by January 2020, confirming the implementation of a compliant anti-money laundering risk assessment. The law firm failed to submit the declaration until April 2021. As a result, the SRA took disciplinary action and imposed an £800 penalty.