The Solicitors Regulation Authority has fined Andover based firm Ranson Houghton LLP, a total of 10,283 pounds following a settlement reached in March 2026.
The issue: missing AML compliance frameworks
Following an SRA AML Audit the regulator found that between 2017 and 2026 the firm did not maintain a compliant anti money laundering environment.
In particular, the firm did not have a firm wide risk assessment in place. This is a legal requirement and is intended to identify and document potential exposure to money laundering risks.
The firm also failed to establish and maintain adequate AML policies, controls and procedures as required under the 2017 Money Laundering Regulations. These measures are fundamental to ensuring that firms can identify, manage and mitigate financial crime risks.
The risk factor
Although there was no evidence of actual money laundering or client harm, the SRA assessed the overall risk as medium.
The firm carries out conveyancing work, which is widely recognised as a higher risk area for financial crime. Without appropriate oversight and documented controls, the firm was left exposed to potential misuse by criminals.
The penalty and resolution
The financial penalty was set at 10,283 pounds, calculated with reference to the firm’s turnover and the nature of the breach. In addition, the firm was ordered to pay 600 pounds towards the SRA’s investigation costs.
The SRA reduced the penalty to reflect the firm’s cooperation during the investigation and the steps taken to bring its systems into full compliance.
The takeaway
This case highlights a consistent theme in SRA enforcement. Compliance is not optional. Even where there is no evidence of wrongdoing, the absence effective policies can result in financial penalties and reputational damage.
Firms are expected to be able to demonstrate that they understand their risk exposure and have appropriate systems in place to manage it.
For more details, the full regulatory settlement is available on the SRA website.