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.  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.
The rest of this document is only available to i-law.com online
If you are already a subscriber, please enter your details below to log in.