- Publication Date
- 2021-07-07
The SRA conducted an audit on the law firm. 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 carrying out certain work must comply with the MLRs 2017 by conducting a risk assessment to identify and assess the business’s risks of money laundering and terrorist financing (the AML firm-wide risk assessment).
The SRA asked the law firm to complete a declaration confirming a compliant anti-money laundering firm-wide risk assessment by June 2020. The law firm failed to provide the declaration until April 2021.
The SRA determined that this was a breach of regulations, and the law firm was directed to pay a penalty of £800.