The Solicitors Regulation Authority has shared details of penalties totalling £44,800 for breaches of anti-money laundering regulations, in decisions published since our last round-up in August.
Moss Solicitors LLP received the highest financial penalty of £18,738 following a desk-based review (DBR) which identified failures to regularly review, update and maintain appropriate and risk-sensitive policies, controls and procedures (PCPs), to mitigate and effectively manage the risks of money laundering and terrorist financing.
Steinfeld Law LLP received a financial penalty of £2,160 following a review by the SRA’s AML Proactive Supervision team which identified failures to maintain records of its risk assessment under Regulation 28 of the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017, to demonstrate that its measures to mitigate and manage the risks of money laundering and terrorist financing were appropriate.
Knipe Woodhouse-Smith received a financial penalty of £8,211 following a desk-based review (DBR) which identified failures to establish, maintain and update an appropriate firm-wide risk assessment (FWRA) and compliant policies, controls and procedures (PCPs), to mitigate and effectively manage the risks of money laundering and terrorist financing.
Michael Taylor Solicitors & Co received a financial penalty of £9,511 following an AML desk-based review (DBR) and subsequent investigation which identified failures to implement a firm-wide risk assessment (FWRA), maintain client and matter risk assessments (CMRAs), and keep adequate records of customer due diligence (CDD) and source of funds (SoF) checks to mitigate and effectively manage the risks of money laundering and terrorist financing.
Gandecha & Pau received a financial penalty of £6,180 following a desk-based review (DBR) and subsequent investigation which identified failures to have in place a documented firm-wide risk assessment (FWRA) and to maintain client and matter risk assessments (CMRAs) on files, to mitigate and effectively manage the risks of money laundering and terrorist financing.
Gowlings Solicitors Limited was shut down by the SRA through an immediate regulatory intervention following a determination that the action was necessary to protect the interests of clients, former clients, and trust beneficiaries managed by the firm or its employees.
