Firm fined £17,000 over money laundering breaches

A firm has been fined more than £17,000 by the Solicitors Regulation Authority over money laundering breaches.

David Barney & Co, based in Stevenage, Hertfordshire, was fined £17,223.21 for failing to have in place or maintain relevant documentation to prevent activities relating to money laundering and terrorist financing as required by money laundering regulations.

It is the latest in a spate of sanctions for money laundering breaches over the past seven months.

Since October last year, the SRA has issued or agreed 20 fines with firms over failure to comply with money laundering regulations. The largest financial penalty was imposed on national firm Ashfords for £100,000 in November. The latest fine brings the total imposed by the SRA for AML breaches to more than £300,000. Fines are paid to the Treasury.

The regulator has said its ‘perceived increase’ in activity is a reflection of it handling cases that would have previously been dealt with by the Solicitors Disciplinary Tribunal.