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 a lack of integrity in breaching the Money Laundering Regulations 2007.
Mr Broadbridge and Mr Grimes were fined £35,000 and ordered to pay costs of £48,655.44 and had restrictions placed on their future practice.
Click HERE to see the full Disciplinary digest December 2017.
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