A recognised body authorised and regulated by the Solicitors Regulation Authority (SRA) agrees to the following outcome to an SRA investigation:
A £8,644 fine under Rule 3.1(b) of the SRA Regulatory and Disciplinary Procedure Rules (RDPRs).
The SRA investigation identified areas of concern in relation to the compliance with the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017), the SRA Principles 2011, the SRA Code of Conduct 2011, the SRA Principles 2019 and the SRA Code of Conduct for Firms 2019.
Between June 2017 and July 2024, the firm failed to sufficiently document the level of risk on clients and matters, as required by Regulation 28(12) and Regulation 28(13) of the MLRs 2017.
Based on the evidence the firm has provided of its annual domestic turnover for the most recent tax year, this results in a basic penalty of £10,804.
The SRA considered that the basic penalty should be reduced to £8,644 due to the fact that the firm does not appear to have made any financial gain or received any other benefit as a result of its conduct.