Corbin & Hassan fined after SRA uncovered widespread AML compliance failures
Corbin & Hassan (UK) LLP has agreed to pay a financial penalty of £4,631 following an investigation by the Solicitors Regulation Authority into anti-money laundering (AML) compliance failures linked to its conveyancing work. The regulatory settlement agreement, dated 31 March 2026 and published on 30 April 2026, also requires the firm to pay £600 towards investigation costs.
The SRA’s AML Proactive Supervision team carried out a desk-based review to assess the firm’s compliance with the Money Laundering Regulations 2017. The review identified failings relating to the firm-wide risk assessment (FWRA), client and matter risk assessments (CMRAs), and source of funds checks.
According to the regulator, the firm failed to maintain a compliant firm-wide risk assessment until 11 March 2025. The SRA also found that no compliant client and matter risk assessments had been carried out on any of the six files reviewed during the inspection.
In addition, the regulator identified inadequate source of funds checks on three of the six files examined. The SRA stated that these failings represented serious weaknesses within the firm’s AML control environment and created the potential risk of the practice being exploited for money laundering purposes.
The regulator noted that more than two-thirds of the firm’s work fell within the scope of the Money Laundering Regulations, primarily through conveyancing transactions, which are considered higher risk for financial crime exposure.
Corbin & Hassan admitted multiple breaches of both the former SRA Handbook 2011 and the SRA Standards and Regulations introduced in 2019. These included failures relating to governance, compliance systems, and adherence to anti-money laundering legislation.
The SRA said there was no evidence of direct harm to clients or third parties. However, it concluded that the prolonged compliance failures justified financial sanctions to maintain professional standards and uphold public confidence in the legal sector.
An initial financial penalty calculation based on the firm’s turnover produced a fine of £5,145. The regulator reduced the figure by 10% to £4,631 after taking account of mitigating factors, including cooperation with the investigation and remedial action taken by the firm.
The SRA acknowledged that the firm had updated its AML documentation, implemented compliant risk assessment procedures across in-scope matters, and delivered source of funds training to staff. The agreement was published as part of the regulator’s commitment to transparency in disciplinary proceedings.