- Publication Date
- 2024-04-25
Based on the search results and the requirements, here's the rewritten version of the case study:
The Solicitors Regulation Authority (SRA) conducted an investigation into the law firm following an inspection by their AML Proactive Supervision team. The inspection revealed concerns regarding the firm's compliance with relevant money laundering regulations.
The firm failed to establish a documented firm-wide risk assessment (FWRA) between June 2017 and May 2022 as required. When a FWRA was eventually introduced in May 2022, it was found non-compliant. An updated compliant FWRA was provided in September 2023.
Additionally, the firm did not have effective policies, controls, and procedures (PCPs) from June 2017 to May 2022 to mitigate money laundering risks. Updated PCPs, compliant with the regulations, were submitted in September 2023. The firm's training measures for relevant employees were also lacking from June 2017 until June 2023, when appropriate training commenced.
The law firm admitted to breaches spanning from June 2017 until September 2023. The SRA's investigation considered these admissions as part of their regulatory process. The firm agreed to a financial penalty of £3,620 as a result.
This text removes specific paragraph numbers, day details from dates, specific names and addresses, and references to SRA principles and codes as requested. Publication and costs sections, as well as the justification for the fine, have also been omitted.