Spring into action: April blitz on AML breaches
An unprecedented blitz of AML-related sanctions last month included several regulatory fines of more than £10,000. In total, the Solicitors Regulation Authority announced 12 fines levied against firms for non-compliance with money laundering regulations. The total fines – which are paid to the Treasury – came to almost £97,000.
While the level of SRA activity indicates the regulator's determination to come down hard on AML non-compliance, the recent nature of some of the breaches suggests that the message is still not getting through to everyone.
As reported by the Gazette , Yorkshire firm Holden Smith Law incurred the biggest fine of more than £36,000 for failing to conduct client and matter risk assessments over a five-year period.
Hertfordshire firm Legal & Property received the next highest sanction of £19,116 after failing to have in place a documented risk assessment from 2017 to November last year.
The SRA said the firm's conduct showed a 'disregard for statutory and regulatory obligations and had the potential to cause harm, by facilitating dubious transactions that could have led to money laundering (and/or terrorist financing)'. This could have been avoided, it was added, had the firm not failed to put in place a risk assessment at the appropriate time and compliant policies and procedures for handling transactions.
The breach was so serious because conveyancing – considered a particular risk because of the large amounts of money involved – accounts for 85% of the firm's current total work.
There was no evidence of harm, the firm had assisted the SRA investigation throughout and had not benefitted financially from the misconduct. Documents provided in February showed that the firm is not fully compliant with AML regulations.
North east practice Warcup Law Firm Limited was fined £15,598 after failing to have in place an appropriate risk assessment from 2017 to 2021. It also failed to regularly review its policies and procedures from 2020 to August 2024.
The firm has since confirmed it has put in place measures to ensure continuing and future compliance, including updating and amending its PCPs, employed an external auditor who assisted in creating a compliant AML control environment, and rolled out training to staff following the implementation of the new AML controls.
At the start of April the SRA said it had fined Hull firm Rollits LLP £15,168 after it was unable to establish the source of funds on four residential conveyancing transactions between 2023 and 2024. There was no evidence of harm to consumers or third parties and a low risk of repetition. The firm is currently closing having merged with Wilkin Chapman.
Other AML-related fines announced in April were: Barton Law, Exeter: £12,588
Jerome & Co Solicitors, Isle of Wight: £12,194
Callidus Law, Rotherham: £11,232
Mears, Hobbs & Durrant, Lowestoft: £10,670
Idiculla Solicitors, Southampton: £5,375
Alan Turner & Co, Bath: £3,848
Kash Tutter & Co, Derby: £3,303
Lisa Tonge Solicitors, Manchester: £658.
There would appear to be no let-up in SRA activity. Since the start of this month it has announced further fines of £24,820 against Buckinghamshire firm Hunter's Solicitors, £18,802 against Birmingham firm Legal Clarity Limited, and £25,000 against central London firm Underwood Solicitors – all for breaches of money laundering regulations.
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