An east London law firm has been fined more than £12,000 for breaching anti-money laundering regulations.
Between June 2017 and December 2022, Romford practice Symons Gay & Leland LLP’s firm-wide risk assessment was found to be in breach of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Between June 2017 and July 2023, the firm had policies, controls and procedures that also breached the regulations.
In addition, the firm failed to conduct an adequate client and matter risk assessment process on five client files.
The breaches came to light following a desk-based review by the Solicitors Regulation Authority. Imposing sanction, the SRA placed the firm’s conduct in the lower range of the relevant band, at 2% of annual turnover. This reflected the fact that the breaches were unintentional and had been remedied. Symons was also credited for showing insight and making partial admissions.
The firm was fined £12,636 and ordered to pay costs of £1,350.
In recent months the SRA has ramped up its anti-money laundering efforts, issuing over 20 fines. The largest penalty, £100,000, was imposed on national firm Ashfords in November.
Fines are paid to the Treasury rather than the regulator.
