SRA Fine Law Firm a Record £20,000 for AML Failings

Feb 2, 2023
Author: Simon Bladen
Simon is one of the firm's Audit Partners. Simon is responsible for looking after the firm’s legal, charitable and not-for-profit clients.

The SRA has increased their fining power

Last year the SRA increased its fining powers from £2,000 to £25,000 to enable them to impose larger fines on legal firms that fail to implement adequate Anti Money Laundering training and systems. Before this change any fines of over £2,000 would have to be investigated by the Solicitors Disciplinary Tribunal (SDT).  The SRA believe that any cases with fines below £25,000 are usually straightforward and do not warrant the time of the SDT.


SRA Fine Law Firm a Record £20,000 for AML Failings

It has recently been announced that the SRA has fined a firm a record £20,000 for failing to have anti-money laundering training and systems in place. The announcement of this fine should trigger some firms into checking that their current AML policies are fit for purpose as this particular fine is 10 times more than SRA have been able to issue previously. Furthermore, the SRA issued this fine despite finding no evidence that the lack of AML training and systems harmed consumers or third parties. The firm in question had received warnings notices from the SRA about ensuring this AML issue was dealt with prior to issuing the fine.

How can we help?

Hawsons is one of the few accountancy practices with a dedicated team of solicitor accountants specialising in the needs of solicitors and legal professionals.

We act for a large number of law firms across all three of our offices and offer a wide range of services which are tailored to meet their individual needs. Our legal client base consists of a multitude of firms of varying structure and size, from sole traders to limited companies and LLPs with corporate members.

Our understanding of the unique issues that many in the sector are facing, combined with our technical experience, allows our solicitor specialists to provide you with proactive, commercial and informed accountancy and tax advice.

Simon Bladen


More from our legal sector experts

You can find all of our latest legal articles here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

About this Author

Simon Bladen, Partner

Simon Bladen is the partner responsible for looking after the firm’s legal clients and has worked at Hawsons throughout his career. For more information or advice on anything covered in this article, please contact Simon on or 0114 226 7141.[/author_info]

Related content

Top Law Firm Accounting Tips

Accounting is a fundamental pillar of measuring a successful law firm. Law firms, have unique financial considerations that require careful attention to ensure compliance with regulations and business performance. From managing client funds to handling operational...