Money Laundering
-
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…
-
Risk scoring the potential for Money Laundering
When it comes to assessing the risk of money laundering a conveyancing solicitor should adopt common sense approach. Risk factors tend to be cumulative, and often involves that more than one key identifier. I set out below some of the more common risk factors to consider :- Has the client dis-instructed a previous solicitor before…