https://www.gbc.gi/news/local-law-firm-fined-for-failures-in-anti-money-laundering-controls

The Legal Services Regulatory Authority has fined local law firm Attias and Levy eight thousand pounds over failures in anti-money laundering controls.

The sanction follows inspections in November and December last year.

However the firm itself says it’s concerned at how the matter has been characterised by the LSRA.

The LSRA assessed the firm as having a moderate level of effectiveness in meeting its obligations and as presenting a medium risk for money laundering, terrorist financing, proliferation financing and sanctions evasion.

It said it had identified shortcomings in customer due diligence, source of funds and wealth checks, beneficial ownership records and procedures.

However, it stressed there was no evidence the firm had engaged in criminal activity, caused client losses or benefited from the breaches.

Attias & Levy says the findings were largely documentary and procedural and did not affect its authorisation or services.

It says no client funds were compromised and no one suffered loss or harm.

The firm says it has strengthened its compliance framework but disputes parts of the LSRA’s account.