Austen-Jones Solicitors Limited fined for anti-money laundering regulation breaches
The South East London firm faces penalties for violating anti-money laundering regulations, failing to comply with AML requirements
Austen-Jones Solicitors Limited, a recognised legal entity operating from its office at 145 Upland Road, London SE22 0DF, has been fined £15,202 for significant breaches of anti-money laundering (AML) regulations. The firm's misconduct primarily revolves around its failure to adhere to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017).
The Solicitors Regulation Authority (SRA) identified several instances where Austen-Jones Solicitors Limited fell short of meeting its AML obligations. Notably, the firm lacked proper documentation and training regarding AML requirements related to its conveyancing work. The inspection by the SRA revealed a lack of firm-wide risk assessment, non-compliant AML policies, and failures in monitoring compliance.
These breaches encompassed a significant period, extending from June 2017 to around February 2023. The firm's conduct violated various regulatory principles and codes, including the SRA Code of Conduct and Principles.
In response to the misconduct, Austen-Jones Solicitors Limited was directed to pay a financial penalty of £15,202 along with additional costs. The severity of the penalty was justified by the persistent nature of the breaches, the firm's failure to heed regulatory guidance, and the potential risk posed to the public interest.
Despite the serious nature of the breaches, mitigating factors such as the firm's cooperation with the investigation and efforts to remedy the breaches were considered. Nevertheless, the firm's conduct warranted placement in conduct band C, with a mid-range financial penalty applied.
This case underscores the critical importance for legal entities to uphold AML regulations rigorously. It serves as a reminder of the legal profession's duty to maintain public trust, adhere to regulatory standards, and implement effective governance and risk management practices.
In conclusion, Austen-Jones Solicitors Limited's enforcement serves as a cautionary tale for legal firms regarding the consequences of non-compliance with AML regulations and the imperative of maintaining the integrity of the legal profession.
Austen-Jones Solicitors Limited, has been fined £15,202 for significant breaches of anti-money laundering (AML) regulations. The firm's misconduct primarily revolves around its failure to adhere to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017).
The Solicitors Regulation Authority (SRA) identified several instances where Austen-Jones Solicitors Limited fell short of meeting its AML obligations. Notably, the firm lacked proper documentation and training regarding AML requirements related to its conveyancing work. The inspection by the SRA revealed a lack of firm-wide risk assessment, non-compliant AML policies, and failures in monitoring compliance.