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Mishcon De Reya Hit With Record Fine as Law Firm Pursues IPO

  • SRA fines law firm for failing anti-money laundering rules
  • Mishcon says it fully cooperated with the lawyer’s watchdog

Mishcon de Reya LLP, known for its legal work advising Princess Diana in her divorce, was hit with a record fine for anti-money laundering failings, as the firm gears up for its initial public offering early this year. 

The law firm will pay 232,500 pounds ($314,500) to the Solicitors Regulation Authority, the largest penalty ever imposed as part of a settlement agreement. The firm lost hard copies of background documents for two clients and advised on deals that had a “higher risk of money laundering or terrorist financing,” the SRA said in statement.