The Solicitors Regulation Authority (“SRA”) confirmed in March that it will be writing to a “large number” of firms (400) asking to see evidence of compliance with the Money Laundering Regulations 2017 (“MLR 2017”). A failure to respond to the SRA request can have regulatory and criminal consequences. This action is taken under powers set out in the SRA […]

In march 2018 it was reported in the FT that following a review of 50 firms two-thirds found lagging in compliance procedures. In a review of 50 firms designed to test the sector’s compliance with new, tougher anti-money laundering regulations, the watchdog found only a third had carried out a mandatory risk assessment of their […]

A former law firm compliance and money laundering reporting officer has been fined £10,000 for the way he handled five conveyancing transactions. A judgment from the Solicitors Disciplinary Tribunal said the case should serve as a warning to lawyers to ensure they ‘discharge’ their senior duties. Anthony Gale, former partner at Yorkshire firm Maurice Smiths […]

Mr Tang acted for a company in the purchase of three flats. The tribunal found that the transaction raised a number of ‘red flags’ indicating possible money laundering that Mr Tang had not addressed, including: A deposit into the firm’s client account from an unconnected third party A large sum of money being held following […]

Two partners at a high street firm were sanctioned for multiple accounts rule breaches. In addition, Mr Grimes was found to have breached the Money Laundering Regulations 2007 as the due diligence checks he conducted on a company, its beneficial owner and source of funds were inadequate. Mr Grimes was held to have acted with […]

One of the allegations against Ms Bellis was that she failed to maintain proper identification procedures in relation to investors in a scheme, contrary to Regulation 4 of the Money Laundering Regulations 2003. Read the judgment Click HERE to see the full Disciplinary digest December 2017.

The allegations against Mr Mugdaza included recklessly facilitating five conveyancing transactions that bore the hallmarks of mortgage fraud and failing to comply with or ensure compliance with the Money Laundering Regulations 2007 in respect of at least one of the conveyancing transactions that bore the hallmarks of mortgage fraud. The respondent admitted the allegation in […]

Whilst this document does not form part of the SRA Handbook, the SRA may have regard to it when exercising its regulatory functions. Who is this warning notice relevant to? This warning notice is relevant to all regulated persons who have a legal obligation to ensure that they: do not facilitate money laundering or terrorist […]