Scott-Moncrieff & Associates fined £68,000 and Ian Insley £9,941 plus costs for misconduct

Scott-Moncrieff and Associates Limited, a licensed body based in London, is facing significant repercussions following a disciplinary decision announced by the Solicitors Regulation Authority (SRA). On 12 August 2025, the firm was fined £68,000 and ordered to pay costs of £1,350 as it breached crucial regulations pertaining to money laundering and terrorist financing. The SRA concluded that the company's failure to implement essential documentation and controls led to serious lapses in compliance.

The investigation into Scott-Moncrieff began on 28 June 2022, when the SRA's Anti-Money Laundering Proactive Team conducted an inspection. They found that the firm’s firm-wide risk assessment, policies, controls and procedures, and customer due diligence measures were not compliant with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. It was noted that the firm's failings persisted for a considerable time without appropriate corrective measures being taken.

Compounding the issue, the investigation revealed concerning transactions involving substantial amounts. Between 17 March and 10 August 2021, the firm processed over $23 million through its client account for a client in the Russian Federation whose asset purchase from a Canadian company did not require such financial services. In total, payments amounting to approximately $22.5 million were directed to a supplier, with additional payments made to agents in Germany and Estonia, none of which were in respect of the delivery of legal services.

The SRA ultimately classified the firm's conduct in conduct band C, indicating it posed a serious risk to public interest and confidence in the legal profession. The firm was found in breach of several SRA Principles and regulatory requirements, including failing to adequately manage risks associated with money laundering, which is critical for protecting public trust in legal services.

Alongside the firm, Ian Insley, a solicitor and consultant at Scott-Moncrieff, faced his own fines amounting to £9,941 for similar breaches regarding unauthorized payments out of the firm’s client account. He too was found to have used the client account to provide banking facilities, further raising concerns over regulatory compliance.

Both Scott-Moncrieff and Ian Insley have been held accountable for their severe lapses in risk management and regulatory adherence, signalling a warning to other legal entities about the critical importance of rigorous compliance frameworks in financial operations. The outcomes of these investigations reflect the SRA's commitment to maintaining high standards within the legal profession.

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