Legal Watchdog Fines Mishcon Over UK AML Breaches

By Richard Crump (January 5, 2022, 5:37 PM GMT) -- England's legal services regulator said on Wednesday that it has fined Mishcon de Reya LLP £232,500 ($315,500) over several "serious breaches" of money laundering rules.

Mishcon admitted that it failed to secure adequate customer due diligence or put adequate systems and controls in place, and improperly transferred client funds, according to the Solicitors Regulation Authority, which oversees solicitors in England and Wales.

The breaches relate to work the law firm carried out between 2015 and 2017 for two individual clients and their corporate vehicles in connection with a non-SRA investigation, asset planning and the proposed acquisition of two entities, according to...

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