By Alisha Houlihan for AMLi
The Solicitors Regulation Authority (SRA) has fineda British law firm £101,357 in the UK over money laundering red flags on three property transactions, two of which may have involved sanctioned entities.
The SRA said both the fee-earner and the compliance team at the firm missed, did not adequately act on or sufficiently record the red flags, demonstrating “a failure in the firm’s client onboarding and ongoing monitoring processes”.
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