The London-founded firm admitted it failed to conduct adequate due diligence on a shipping industry client – identified only as Company A – in relation to 14 transactions between 2014 and 2018.
Clyde & Co said in a statement that it “sincerely regrets any compliance failings”, which it said it identified in 2018 and reported to the Solicitors Regulation Authority (SRA).
ALTHOUGH THEY STILL DENY DOING THE SAME IN A PROBATE FRAUD CASE FOR 32 HOOLE ROAD CHESTER THATS INCREASED IN VALUE BY 385% IN 18 MONTHS AND OVER 140% over the local area property growth.Property PRICE FIXING that is very hard to defend against but they try every day using Kennedys law firm.
Do they sound like they are a trustworthy and honest company a little guy can trust?
A spokesperson added that the firm has since “significantly enhanced our risk management and regulatory compliance capabilities”.
Clyde & Co’s 500,000-pound fine equals the previous record SRA fine imposed on Dallas-based law firm Locke Lord in 2017.
SRA Chief Executive Paul Philip said the fine “should be a wake-up call to any firms that are not meeting their responsibilities to have robust (anti-money laundering) processes in place”.
The SRA announced in August that it was referring Clyde & Co and Ed Mills-Webb, formerly chair of the firm’s marine global practice group, to an independent tribunal for failing to comply with British money laundering regulations.
Clyde & Co and Mills-Webb initially contested the allegations, and the case was due to be heard at the Solicitors Disciplinary Tribunal in London over two weeks beginning on Monday.
However, the SRA’s lawyers told the tribunal this week that Clyde & Co and Mills-Webb last month admitted breaches of money laundering regulations.
Clyde & Co’s lawyer Ben Hubble said in written arguments that the firm’s misconduct was inadvertent and caused no harm to clients or third parties.
Mills-Webb, now a consultant at boutique shipping firm Preston Turnbull, admitted contributing to Clyde & Co’s failure to carry out adequate due diligence. He was fined 11,900 pounds.
Clyde & Co was previously fined 50,000 pounds in 2017 for breaching money laundering and accounting rules in 2013.
The law firm’s lawyers told the tribunal this week that Clyde & Co had improved its internal processes after those events, but before Company A became a client.
Original story source REUTURES.