A UK-based law firm has been fined £5,215 by the Solicitors Regulation Authority (SRA) for breaches of the Money Laundering Regulations 2017, SRA Accounts Rules, SRA Principles 2019, and the SRA Code of Conduct for Firms 2019. Additionally, the firm must pay £1,350 towards the costs of the investigation. Key Compliance Failures The SRA's investigation uncovered multiple compliance failures, including: Delayed Appointment of Compliance Officers: The firm failed to promptly appoint a Money Laundering Reporting Officer (MLRO) and did not seek the SRA's approval for a beneficial owner, officer, or manager (BOOM) in a timely manner. Lack of a Risk Assessment: There was no documented firm-wide risk assessment (FWRA) for a significant period, a fundamental requirement under AML regulations. Missing AML Policies and Procedures: The firm lacked adequate AML policies, controls, and procedures (PCPs) to mitigate money laundering and terrorist financing risks effectively. Inadequate Du...
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