- Publication Date
- 2021-06-23
The SRA conducted an audit on the law firm regarding their compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 (MLRs 2017). These regulations, which came into force in June 2017, require law firms that carry out certain work to conduct a risk assessment to identify and evaluate the business’s risks of money laundering and terrorist financing.
The SRA requested these firms to complete a declaration confirming their compliance with the anti-money laundering firm-wide risk assessment by January 2020. The law firm failed to provide the declaration until March 2021, resulting in a breach of specific regulations.
An SRA decision directed the law firm to pay a penalty of £800. This decision was ordered to be published.