The world’s largest law firm is to be prosecuted before the Solicitors Disciplinary Tribunal over alleged breaches of anti-money laundering rules.
The Solicitors Regulation Authority (SRA) announced yesterday that the tribunal has certified that Dentons has a case to answer in respect of alleged failures while acting for a politically exposed person or his associated entities between around May 2013 and June 2017.
These focus on it not taking adequate measures to establish the client’s source of wealth and/or funds.
The SRA notice said: “In so failing, it is alleged that the firm breached regulation 14(4)(b) and 14(4)(c) of the Money Laundering Regulations 2007; failed to comply with its legal and regulatory obligations, run the business effectively in accordance with proper governance and sound financial and risk management principles and failed to comply with anti-money laundering legislation.
“It is alleged that such conduct failed to maintain the trust the public places in the firm and in the provision of legal services.”
The allegations are as yet unproven. A spokeswoman for the firm said: “Dentons has co-operated fully with the SRA throughout this investigation, which relates to a former client, and we will continue to do so.
“As a firm we are committed to strict compliance with all laws, regulations and professional standards of the jurisdictions we operate in.”