SRA suspends lawyer for AML failings

A lawyer’s egregious disregard for anti-moneylaundering requirements has led to a nine-month suspension, restrictions on herpractising certificate and a contribution to legal costs. But relatively fewlaw firms receive an on-site AML review from their regulator, reports Denis O’Connor.

Denis O’Connoris a fellow of both the Institute of Chartered Accountants inEngland & Wales and the Chartered Institute of Securities and Investment.He was a member of the British Bankers’ Association Money Laundering Committeefrom 2003-10 and a member of the Joint Money Laundering Steering Group’s boardand editorial panel between 2010 and 2016. He has been a frequent speaker atindustry conferences on financial crime issues, both in the United Kingdom andabroad.

A solicitor, Natalia Levinzon, recently receiveda nine-month suspension from the legal profession after being found to havebeen responsible for her firm’s multiple and basic failings, over a period inexcess of five years, in its anti-money laundering (AML) obligations. [1] Some15 years after law firms first became subject to AML legislation, it isdisappointing to learn that there are some regulated entities that appear toflout the law. This case serves as a reminder to compliance staff of firms, nomatter what regulated sector they operate in, of the importance of properlyimplementing fundamental financial crime controls.