- Publication Date
- 2021-07-21
The following describes actions taken by the Solicitors Regulation Authority (SRA) during an audit of a 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 undertaking certain activities are required to comply with these regulations, which include conducting a risk assessment to identify and assess the firm's exposure to money laundering and terrorist financing risks.
The SRA requested that all relevant firms complete a declaration by January 2020 to confirm compliance with the anti-money laundering firm-wide risk assessment. The law firm in question failed to submit the declaration until April 2021.
As a result of this non-compliance, the SRA imposed a penalty of £800 on the law firm.