The Solicitors Regulation Authority (SRA) has reinstated its case against Dentons, a prominent law firm, regarding allegations of breaching anti-money laundering (AML) regulations. A London court determined that the SRA's previous acquittal of Dentons was based on a mistaken approach, necessitating a reconsideration by a disciplinary tribunal. Meanwhile, US law firm Simpson Thacher & Bartlett has agreed to pay a £362,000 fine after admitting to failings in its AML controls at its London office. The firm is also facing a £300,000 fine for historical AML breaches. The recent developments underscore ongoing concerns regarding compliance with AML regulations within the legal sector.
Lawyers worried by over-reliance on SRA discretion post Dentons https://t.co/HfORKKhlPk
London office of top US firm fined £300k for AML failures https://t.co/asvq42zRcT
Martin van Staden: “Just like struggle lawyers ... felt free to note the SA courts’ abandonment of transcendent legal norms and standards ... it is perfectly allowable to question whether ... courts today have a proper grasp of their function.” https://t.co/HBzgzC34jC