Hole & Pugsley (Hole & Pugsley)
6 St. Peter Street, Tiverton , EX16 6NX
Recognised body
051372

Decision - Fined

Outcome: Fine

Outcome date: 25 May 2021

Published date: 6 July 2021

Firm details

No detail provided:

Outcome details

This outcome was reached by SRA decision.

Decision details

DISCIPLINARY DECISION FOR PUBLICATION

Hole & Pugsley is a recognised body whose principal office is at 6 St. Peter Street Tiverton EX16 6NX.

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017 (MLRs 2017) came into force. Law firms who carry out certain work must comply with the MLRs 2017. Those firms must carry out a risk assessment to identify and assess the business’s risks of money laundering and terrorist financing (the firm-wide risk assessment).

The SRA asked all those firms to complete a declaration to confirm that they have a compliant anti-money laundering firm-wide risk assessment by 31 January 2020.

Hole & Pugsley failed to provide the declaration until 21 April 2021, in breach of rules 2.1(a) and 3.3(a) of the SRA Code of Conduct for Firms.

Hole & Pugsley was directed to pay a financial penalty of £800 and ordered to pay costs of £600.