FCC Flash

On January 11, 2024, the UK’s Solicitors Regulation Authority (SRA) imposed a fine of USD 635,613 on Clyde & Co for violating money laundering rules.

To know more: https://www.fcctimes.com/2024/01/12/global-law-firm-clyde-co-fined-500000-for-money-laundering-violations/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash16Jan24

The law firm Clyde & Co received the fine due to breaches of money laundering regulations related to a shipping industry client between 2014 and 2018. In this period, the firm failed to conduct adequate due diligence on 14 transactions.

This is not the first instance of such violations by Clyde & Co; in 2017, the firm was fined $63,403 for breaching money laundering and accounting regulations in 2013. The firm has since claimed to have strengthened its internal procedures in response to these earlier incidents.