An east London law firm, Symons Gay & Leland LLP, has been fined £12,636 for violating anti-money laundering regulations, as reported by The Law Society Gazette.
The breaches occurred between June 2017 and July 2023, during which the Romford-based practice failed to meet the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
The Solicitors Regulation Authority (SRA) discovered the firm’s non-compliance through a desk-based review. Symons Gay & Leland’s firm-wide risk assessment, as well as its policies, controls, and procedures, were found to be in breach of the regulations. Additionally, the firm did not conduct adequate risk assessments for clients and matters in five specific cases.
The SRA classified the firm’s conduct within the lower range of the relevant penalty band, setting the fine at 2% of the firm’s annual turnover. This decision took into account that the breaches were unintentional and had since been rectified. The firm was also credited for its cooperation and partial admissions.
In addition to the fine, the firm was ordered to pay £1,350 in costs. The penalty forms part of the SRA’s broader crackdown on anti-money laundering failures, which has seen over 20 fines issued in recent months. The largest of these was a £100,000 fine imposed on national firm Ashfords in November. The fines are directed to the Treasury rather than retained by the SRA.
