Category: AML Firmwide Risk Assessment
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HM Treasury AML Supervision Report: Lessons for Law Firms
Originally published May 2024. Updated October 2026. HM Treasury’s AML supervision report for 2022–23 highlights weaknesses in risk assessments, policies, customer due diligence and staff understanding. For law firms, the practical question is whether their written arrangements match the work undertaken on individual matters. The report was published on 1 May 2024 and covers the…
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AML Source of Funds: SRA Refers Firm and Former Partner to SDT
The Solicitors Regulation Authority has referred law firm Candey to the Solicitors Disciplinary Tribunal over matters dating back to June 2015. The regulator has simultaneously decided to also refer the firms former partner Richard Morris to the SDT. The SRA has confirmed the certification of a case to answer concerning allegations related to events from May…
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SRA Fines Essex Firm 24k
The SRA continues to levy large fines on regulated firms who have been in long-term breach of their obligations under the 2017 money laundering regulations. It is not clear whether the decision stems from an SRA AML Audit having been carried out. Fairhurst Menuhin & Co in Essex was fined £23,930, 2% of its turnover…
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Firm Fined for Inadequate FWRA
The Solicitors Regulation Authority (SRA) assault on firm for breaches of anti-money laundering (AML) rules has continued, with Raegal Limited being fined £1,520 (an amount equivalent to 2.4% of its gross annual domestic turnover for the last financial year). On top of this an order of £1,350 was made for costs. The penalty was due to…