Picasso Legal Limited (Picasso Legal)
Meeting Point House, Southwater,Telford Town Centre, Telford , TF3 4HS
Recognised body
622876

Decision - Fined

Outcome: Fine

Outcome date: 28 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

Picasso Legal Limited is a recognised body whose office is at Meeting Point House Southwater Telford Town Centre Telford TF3 4HS.

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’ 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.

Picasso Legal Limited failed to provide the declaration until 14 April 2021 in breach of rules 2.1(a) and 3.3(a) of the SRA Code of Conduct for Firms.

Picasso Legal Limited was directed to pay a penalty of £800 and ordered to pay costs of £600.