Firm fined after failing to maintain compliant AML controls and risk assessments
Ranson Houghton LLP has been fined £10,283 by the Solicitors Regulation Authority (SRA) following findings of prolonged failures to comply with anti-money laundering (AML) requirements.
The outcome, agreed on 23 March 2026 and published the following day, was reached through a regulatory settlement agreement between the firm and the SRA.
The SRA’s investigation, initiated after a desk-based review by its AML Proactive Supervision Team, identified deficiencies in the firm’s compliance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs 2017), as well as breaches of relevant SRA Principles and Codes of Conduct.
According to the findings, between June 2017 and January 2026, the firm failed to establish and maintain fully compliant policies, controls, and procedures to mitigate the risks of money laundering and terrorist financing. It also did not maintain a documented firm-wide risk assessment during that period, as required under the regulations.
The SRA concluded that these failures demonstrated a disregard for statutory and regulatory obligations. While there was no evidence of actual money laundering, the regulator stated that the lack of an effective AML control environment exposed the firm to potential misuse by criminals.
The breaches spanned both the pre-2019 regulatory framework and the current SRA Standards and Regulations, including failures to maintain effective systems and controls, comply with legislation, and uphold public trust in legal services.
In determining the sanction, the SRA assessed the conduct as “more serious” and the risk of harm as “medium,” noting that conveyancing, forming a significant part of the firm’s work, carries heightened exposure to financial crime risks.
The financial penalty was calculated in accordance with the SRA’s guidance on fines. Although the initial basic penalty was assessed at £11,426, it was reduced to £10,283 to reflect mitigating factors. These included the firm’s cooperation with the investigation and the steps it had taken to rectify the deficiencies and achieve compliance.
The firm also agreed to pay the investigation costs of £600.
The SRA stated that a financial penalty was appropriate to maintain professional standards and public confidence in the legal sector. It added that publication of the agreement serves the public interest by promoting transparency and acting as a deterrent to similar misconduct.
The regulator emphasised that compliance with AML legislation remains a fundamental obligation for legal service providers, particularly in areas of practice exposed to higher financial crime risks.