Andrew Katzen discusses SRA anti-money laundering enforcement in Times

30 Nov 2023

Head of Regulatory Law Andrew Katzen has been quoted in the Times newspaper discussing the £100,000 fine imposed by the SRA on a law firm for anti-money laundering procedure breaches, despite no offence having being detected.

Andrew said that anti-money laundering and sanctions compliance issues “are a growing focus for the SRA” and that this fine “could be a foretaste of things to come for law firms and individual solicitors”.

Andrew pointed out that the threshold for being found in breach is low, saying “with 20/20 hindsight it is often possible to find a breach and for firms and individuals to pay the price in terms of cost, career and reputations”.

He added: “A £100,000 fine by the SRA for a compliance failure in which no offence was committed will not prove unusual if and when the SRA obtains the unlimited fining powers against all types of solicitors firms proposed under the Economic Crime and Corporate Transparency Act.”

The full article is here.



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