Market Street Law was fined £11,271 by the SRA after failing to meet anti-money laundering standards for several years
Market Street Law Limited, a law firm based in Shaw, Oldham, has been ordered by the Solicitors Regulation Authority (SRA) to pay a financial penalty of £11,271 after breaching anti-money laundering (AML) regulations. The penalty comes as part of a regulatory settlement agreement after the firm admitted to failing to establish and maintain compliant policies, controls, and procedures (PCPs) between June 2017 and January 2025.
The investigation, carried out by the SRA’s AML Proactive Supervision team, found that Market Street Law’s AML controls were insufficient in managing risks related to money laundering and terrorist financing, in violation of the Money Laundering, Terrorist Financing (Information on the Payer) Regulations 2017 (MLRs 2017). This failure was identified during a desk-based review and led to concerns about the firm’s compliance with both the SRA’s Principles and Code of Conduct.
During the investigation, it was revealed that the firm lacked documented AML policies prior to 2025. However, following the appointment of a new Compliance Officer for Legal Practice (COLP) in July 2024, the firm took immediate corrective action. The firm updated its AML controls and now meets the regulatory requirements set out in the MLRs 2017.
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The firm admitted to breaching several SRA principles and rules between 2017 and 2025, including:
- Principle 6 of the SRA Principles 2011 requires firms to maintain public trust and act responsibly.
- Principle 8 of the SRA Principles 2011 calls for effective governance and risk management.
- Outcomes 7.2 and 7.5 of the SRA Code of Conduct 2011 address the need for effective systems to comply with regulations.
From November 2019 onwards, after the SRA Standards and Regulations came into force, the firm was found to have breached:
- Principle 2 of the SRA Principles 2019 requires firms to uphold public trust in the legal profession.
- Paragraphs 2.1(a) and 3.1 of the SRA Code of Conduct for Firms 2019 require firms to have effective governance and stay updated with legal and regulatory requirements.
The SRA concluded that the firm’s conduct showed a disregard for its legal obligations, with the potential to harm public trust. The penalty was deemed necessary to deter similar non-compliance within the legal profession and underscore the importance of adhering to anti-money laundering legislation.
The penalty, reduced from an initial £13,260 due to the firm’s cooperation with the investigation and prompt corrective actions, is designed to address the firm’s failure to implement effective AML controls. No evidence of financial gain from the firm’s non-compliance was found.
The SRA also emphasised the importance of transparency in the regulatory process, stating that the decision to publish the penalty was in the public interest. As part of the agreement, the firm must not deny the admissions made or act inconsistently with the terms of the settlement.