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£25,000 Fines for Law Firm and Compliance Officer
A London law firm, Law and Lawyers Limited, and its compliance officer, Francis Mathew, were each fined £25,000 for multiple rule breaches. The Solicitors Disciplinary Tribunal found significant client account shortfalls and inadequate anti-money laundering (AML) procedures. Mathew's false declaration regarding a compliant risk assessment contributed to the penalties. Despite no client losses, the firm's and Mathew's regulatory records were tarnished. Further penalties included Mathew's restriction from compliance officer roles. The case highlights the importance of robust financial controls and accurate regulatory reporting within law firms.
Published on 11 months, 1 week ago