Nexus Solicitors agrees to pay penalty
Nexus Solicitors Limited faces a £31,217 fine after breaching anti-money laundering regulations and failing due diligence
Nexus Solicitors Limited, located in Manchester, has agreed to a regulatory settlement following an investigation by the Solicitors Regulation Authority (SRA). The investigation stemmed from concerns about the firm's non-compliance with Money Laundering Regulations (MLRs) and failure to implement necessary risk assessments and due diligence checks for several years. Nexus Solicitors failed to carry out client and matter risk assessments (CMRAs) and other essential compliance procedures from 2017 to 2023. As a result, the firm was fined £31,217 and ordered to pay £600 in costs for the investigation. The SRA has acknowledged that the firm cooperated and has since rectified its failings, ensuring it now meets the required standards.