A Kent-based ABS has been handed a substantial fine—just under £64,000—for persistent deficiencies in AML processes over a six-year period, making it one of the largest penalties of its kind.
From mid-2018 through May 2024, TG Baynes, an alternative business structure in Bexleyheath, neglected to implement and uphold the relevant policies, controls and procedures required by the Money Laundering Regulations 2017. It also failed to carry out necessary client and case-specific risk assessments.
According to an SRA notice released last Friday, the firm received guidance and took steps to remedy the issues, achieving compliance by June 2024.
The SRA found that lighter sanctions would lack impact, noting that the firm had not adequately considered official guidance and warning notices. The firm’s fine equated to 1.6% of its UK turnover, subsequently reduced by 30% due to its cooperation with the regulator and other mitigating factors. No actual harm from these breaches was found.
The firm was fined a total of £63,869, plus £1,350 in costs. As an alternative business structure TG Baynes could be fined above the traditional £25,000 cap—a limit recently made flexible under the SRA’s new powers concerning economic crime.
This case adds to a growing list of similar penalties. Earlier this month, London’s Gordons Partnership was fined £77,784, and seven additional firms—excluding TG Baynes—incurred fines totaling £88,000 for AML violations. Among them was Bannister Preston of Greater Manchester, fined £22,831 specifically for not conducting risk assessments in conveyancing matters.
See: SRA | T G Baynes Solicitors – 046768 | Solicitors Regulation Authority
