AB Corporate LLP (AB Corporate / AB Private Client)
3 Hardman Street (West Entrance), Spinningfields, Manchester , M3 3HF
Recognised body
552219

Decision - Fined

Outcome: Fine

Outcome date: 1 June 2021

Published date: 7 July 2021

Firm details

No detail provided:

Outcome details

This outcome was reached by SRA decision.

Decision details

AB Corporate LLP is a recognised body whose principal office is at 3 Hardman Street (West Entrance), Spinningfields, Manchester M3 3HF.

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.

AB Corporate LLP failed to provide the declaration until 9 March 2021 in breach of rules 2.1(a) and 3.3(a) of the SRA Code of Conduct for Firms.

AB Corporate LLP was directed to pay a penalty of £800 and ordered to pay costs of £600.