NEWS

News and information from the world of
regulatory compliance and risk management

Hefty fine for law firm owner who relied on 2003 AML manual

Hefty fine for law firm owner who relied on 2003 AML manual

A former law firm owner who failed to update its anti-money laundering manual since 2003 has been handed a five-figure fine. The Solicitors Regulation Authority said Richard Lionel Jones had breached regulations for ‘longer than was reasonable’ and demonstrated a...

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SRA imposes near maximum fine for breaching AML rules

SRA imposes near maximum fine for breaching AML rules

A firm which failed to check any of the sources of funds for three property transactions has been fined £23,216 – almost the maximum the Solicitors Regulation Authority can impose. The sanction was made against Ilford firm TTS Legal Ltd after an investigation into the...

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Politically exposed persons – changes to the regulations

Politically exposed persons – changes to the regulations

An amendment to the money laundering regulations making changes to the treatment of politically exposed persons (PEPs) has come into force. As of 10 January 2024, the status of UK politically exposed persons (PEPs) is different to overseas PEPs. The amendment means...

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SRA imposes more fixed Penalties on Non-Compliant Firms

SRA imposes more fixed Penalties on Non-Compliant Firms

The SRA issues £750 fines to firms violating transparency rules, aiming for better compliance and transparency The Solicitors Regulation Authority (SRA) has recently published a higher number of fixed penalties under its revised financial penalty system. This...

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