The Solicitors Regulation Authority (SRA), the regulatory body for solicitors in England and Wales, announced Wednesday that British law firm Mishcon de Reya has agreed to pay a financial penalty of 232,500 pounds (U.S. $316,000) for anti-money laundering (AML) compliance violations.
According to the SRA’s agreement with Mishcon, reached Dec. 20, the firm “carried out work for two individual clients and corporate vehicles connected with the same two individual clients. This work related to a non-SRA regulatory investigation, asset planning for one of the individuals, and the initial stages of the proposed acquisition of two separate entities (and the onward sale of one of them).”
