Firms pay penalties of £137k in latest round of AML sanctions
Summary
The Solicitors Disciplinary Tribunal has published a new round of anti-money laundering sanctions totalling £137,000 against multiple law firms for failures in firm-wide risk assessments, policies, controls and procedures, and client/matter risk assessments. The decisions show a range of breaches, with several firms having already taken remedial steps and the SRA noting low risk of harm or repetition in some cases.
Why it matters
Residential property surveyors often work alongside conveyancers and are exposed to transaction chains where AML controls can affect deal progress and professional risk. The article is relevant as it highlights ongoing regulatory scrutiny of firms involved in property transactions and the importance of robust compliance processes across the conveyancing sector.
Key points
- The SRA published penalties totalling £137,000 for AML breaches.
- Common failings included inadequate PCPs, missing or incomplete FWRAs, and absent or insufficient CMRAs.
- Several firms had already taken steps to improve compliance and were found to pose low risk of repetition.
- The sanctions were imposed on firms in London and across the UK, including conveyancing-related practices.
- The article underscores continued enforcement of the MLRs 2017.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
