Inadequate systems: SDT lays out Clydes failings in money laundering case

Details behind one of the largest penalties awarded against a law firm by the Solicitors Disciplinary Tribunal (SDT) have been released after Clyde & Co received a fine of £50,000, while three partners also were also fined £10,000 for breaching accounting and money laundering rules.

In a case brought by the Solicitors Regulation Authority (SRA), corporate partners Christopher Duffy, Simon Gamblin and projects partner Nick Purnell admitted they allowed a client bank account to be used as a banking facility, acting against SRA accounting rules and in breach of obligations under money laundering regulations.

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