- Publication Date
- 2022-08-05
The SRA conducted an audit of the law firm and determined various non-compliances. The audit identified that the law firm failed to have in place a documented and compliant AML firm-wide risk assessment from June 2017 to November 2021, as required by the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017).
The audit concluded that the law firm breached specific requirements, which included a failure to adhere to essential governance and risk management principles. Consequently, the law firm was directed to pay a penalty of £1,200 and additional costs amounting to £600.
The observed deficiencies in the firm's risk assessment and governance structures highlighted the need for significant improvements to meet regulatory requirements. The SRA's audit underscores the importance of maintaining rigorous compliance measures to uphold the trust and standards expected in legal services.
By addressing these shortcomings, the SRA aims to ensure the integrity and reliability of legal practices, ultimately benefiting the wider community through enhanced regulatory compliance.