- Publication Date
- 2021-07-06
In June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) came into force. Law firms that carry out specific types of work must comply with the MLRs 2017, which require them to perform a risk assessment to identify and assess the business’ risks concerning money laundering and terrorist financing.
The SRA requested that all applicable firms complete a declaration to confirm they have a compliant anti-money laundering firm-wide risk assessment by January 2020. The law firm failed to provide the declaration until April 2021.
Following this non-compliance, the SRA conducted an audit and determined that the law firm was in breach of the applicable rules. Consequently, a penalty of £800 was imposed on the firm.