Market Street Law faces hefty fine
Market Street Law Limited has agreed to an £11,271 penalty following regulatory compliance failures in anti-money laundering procedures
Market Street Law Limited, a firm regulated by the Solicitors Regulation Authority (SRA), has accepted liability for breaches of anti-money laundering regulations, resulting in a significant financial penalty. The firm will pay £11,271 under Rule 3.1(b) of the SRA Regulatory and Disciplinary Procedure Rules, as well as the costs of the investigation amounting to £600. This resolution comes after an investigation, prompted by a desk-based review from the AML Proactive Supervision team, revealed multiple compliance shortcomings related to the Money Laundering Regulations 2017.
Between June 2017 and January 2025, Market Street Law failed to establish and maintain adequate policies to address risks associated with money laundering and terrorist financing. The SRA found that the firm neglected necessary compliance measures and did not document compliant policies until January 2025. Despite the serious nature of these breaches, the firm's cooperation during the investigation and subsequent implementation of compliant policies were mitigating factors in determining the outcome.
The SRA’s Enforcement Strategy emphasises the importance of maintaining professional standards, and as such, a fine has been deemed necessary to uphold public confidence in the legal profession. The penalty reflects the potential harm caused by the firm's non-compliance and is intended to deter similar conduct in the future. Recognising their admissions, the firm accepted the penalties, affirming their commitment to rectify previous failings and ensure future compliance with regulatory obligations.
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