Solicitors Regulation Authority fines Mishcon de Reya £232,500 over AML failingsJanuary 2022
The Solicitors Regulation Authority has imposed of the largest fines to date on a London based law firms for its failings regarding the anti-money laundering regulations. The failures related to not securing adequate due diligence on four related clients and misplacing the evidence of diligence it had carried out. In addition, there was issue about the adequacy of training provided to a partner who was relied on to comply with anti-money laundering regulations.
It was noted “The SRA accepted there was no evidence of lasting harm and a low risk of repetition but noted that the conduct had the potential to facilitate money laundering and any sanction had to act as a deterrent to others. Mishcon de Reya also agreed to pay the SRA’s £50,000 costs.” It remains to be seen if the Law Society of Ireland will take a similar approach. The Law Society Gazette: Mishcon de Reya Fines £232,500 over numerous AML failings
By: Eilish Larkin - Regulatory Consultant