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.
