UK Law Firms Face Punishment Over AML Failings

Law360, London (May 7, 2019, 5:01 PM BST) -- The Solicitors Regulation Authority has referred 26 U.K. law firms for disciplinary action after finding they are not doing enough to prevent money laundering, the watchdog said on Tuesday as it warned that some are falling “seriously short” of required standards.

The legal industry watchdog has said it found no evidence that money laundering had taken place at British law firms, but added that it found poor procedures, training and risk assessment. (AP) The body, which regulates solicitors in England and Wales, examined a sample of 59 law firms to assess whether they are complying with tough new anti-money laundering requirements...

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