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International law firm Clyde & Co fined $635,613 for AML violations

International law firm Clyde & Co fined $635,613 for AML violations

The London-based firm was unable to conduct high-quality due diligence of a client in the shipping industry for transactions in the period 2014-2018. In a statement, the company said it “sincerely regrets any breaches of the requirements” which it said were identified in 2018 and reported to the Solicitors Regulation Authority (SRA).

Source:https://www.reuters.com/legal/legalindustry/law-firm-clyde-co-fined-635k-breaching-uk-money-laundering-rules-2024-01-11/

A spokesperson for Clyde & Co says the firm has now “significantly enhanced its risk management and compliance capabilities.” But this did not save her from a fine. SRA chief executive Paul Philip said the fine “should be a wake-up call to any firms that fail to meet their responsibilities to implement robust (anti-money laundering) processes.”

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