- Publication Date
- 2021-06-23
The SRA conducted an audit of a law firm, examining its adherence to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which came into effect in June 2017. Law firms undertaking specific types of work are required to comply with these regulations by carrying out a AML firm-wide risk assessment to identify and assess the business’s risks of money laundering and terrorist financing.
The SRA mandated that all relevant firms complete a declaration to confirm they had a compliant anti-money laundering firm-wide risk assessment by January 2020. The law firm failed to provide the required declaration until April 2021, resulting in a breach of specific regulations.
The law firm was directed to pay a penalty of £800.