Another Fine Handed out by SRA for conveyancing ID Failures
Further to a previous article from The Strategic Partner regarding the east London solicitor who was suspended and subsequently ordered to pay costs of £26,000 by the SRA for Anti Money Laundering Regulations (AML) failures, an ABS has faced an investigation and a consequent fine for failure to carry out sufficient identity checks on conveyancing transactions.
New article from The Strategic Partner regarding the latest fine from SRA for ID Failures
The Northamptonshire firm admitted failing to run its business effectively and breaching the money laundering regulations. The SRA, which can fine ABSs up to £250m, said that, because the firm had an annual turnover of over £2m, the fine was calculated as a percentage of its turnover, which was just under £2.6m. However, the basic fine of 0.9% of £2.6m, coming to over £23,000, was reduced by 40% for mitigating factors, such as assisting the SRA with its investigation, early admissions, corrections and commitment to providing a high standard of service.
The firm was fined £14,000 and ordered to pay costs of £3,500. To Read the full article, please visit www.thestrategicpartner.co.uk or download the article here: