The Solicitors Regulation Authority has ramped up the frequency and harshness of sanctions for money laundering breaches in the past six months, new analysis has shown.

Since the beginning of October, the regulator has issued or agreed 19 fines with firms for failing to comply with money laundering regulations. Ten of these have been for at least £10,000, with the largest financial penalty being issued to national firm Ashfords for £100,000 in November (this was the only firm in the top 100 sanctioned for AML breaches over the last year).

The total fines for AML breaches come to around £290,000 – all of which is paid to the Treasury, rather than the SRA.

In contrast, SRA decision records show it issued just six AML-related fines in period from March to October last year – the highest being for £5,250.

From The Law Society Gazette –> Full article