- Publication Date
- 2021-07-27
The Solicitors Regulation Authority (SRA) conducted an audit on the law firm. This investigation revealed several infractions in relation to their compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017).
In June 2017, the MLRs 2017 came into effect. These regulations require law firms engaged in certain activities to conduct a risk assessment to identify and evaluate the risks related to money laundering and terrorist financing for the entire business.
The SRA requested all relevant firms to submit a declaration by January 2020, confirming that they had a AML firm-wide risk assessment compliant with the MLRs 2017. The law firm failed to submit the declaration until April 2021, thereby breaching applicable regulations.
As a result, the SRA imposed a fine of £800 on the law firm.