Risk Assessment

James Counsell KC represents the SRA in Solicitors Disciplinary Tribunal proceedings against a US law firm for breaches of AML regulations

James Counsell KC recently acted on behalf of the Solicitors Regulatory Authority, successfully prosecuting Simpson Thacher & Bartlett for failing to have anti-money laundering (AML) risk assessments and procedures in place in its London office. A fine of £300,000 was issued by the regulatory body. The SRA identified various issues during a routine review of Simpson Thacher & Bartlett in 2021 and referred the matter to the Solicitors Disciplinary Tribunal (SDT) in November 2023, instructing James Counsell KC to act on its behalf. Simpson Thacher admitted its failure to comply with AML regulations between June 2017 and 2023 including: Firm-Wide Risk Assessment: Between June 2017 and March 2020, the firm did not have a compliant risk assessment covering the entire…

News 18 Mar, 2025