Global law firm Clyde & Co has been fined £500,000 by the Solicitors Disciplinary Tribunal (SDT) due to compliance failures. According to a Law.com report, the firm was penalised for its handling of numerous issues for a client and associated companies in a manner which the Solicitors Regulation Authority described as a “failure to comply with anti-money laundering procedures and breach of money laundering regulations.”
In August 2023, Clyde & Co had gone through a tribunal for these alleged breaches. Now, the firm has not only been subjected to a hefty penalty but is also ordered to pay 70% of the SRA’s costs involved in prosecuting the case.