Solicitor fined £10,500 over AML and account breaches
Summary
The Solicitors Disciplinary Tribunal fined a solicitor £10,500 after he admitted breaches of client account rules and anti-money laundering compliance requirements at his London firm. The tribunal also imposed practice conditions restricting his ability to manage an authorised body, handle client money, or act in compliance roles, and ordered him to pay substantial costs.
Why it matters
While this is a legal profession case, it is relevant to residential property surveyors because conveyancing transactions often depend on compliant client money handling and AML controls within the wider property transaction chain. Surveyors working alongside solicitors and agents should be alert to the operational and reputational risks created by weak account controls and AML failures.
Key points
- Solicitor fined £10,500 for breaches of accounts rules and AML compliance requirements
- Five improper transfers from client account to office account were admitted
- Firm lacked proper AML risk assessment, policies, controls and procedures
- Tribunal imposed restrictions on acting as manager, owner, COFA or COLP
- Costs of more than £46,000 were also ordered
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