- Publication Date
- 2021-07-06
The SRA conducted an audit on the law firm with the principal office at their identified location. In June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) were implemented. Law firms dealing with specific kinds of work are required to comply with the MLRs 2017, which includes conducting a risk assessment to identify and assess the risks of money laundering and terrorist financing within the business (the AML firm-wide risk assessment).
The SRA mandated that all relevant firms submit a declaration confirming they possess a compliant anti-money laundering firm-wide risk assessment by January 2020. The law firm failed to submit this declaration until April 2021.
As a result of this delay, the SRA imposed a financial penalty of £800 on the law firm.