The firm concerned is tiny, with only two registered lawyers, in a high street in a small country town ( population of about 2700)

The company GOAD & BUTCHER SOLICITORS LIMITED 09259448 was dissolved in 2016 , less than 18 months after incorporation. The action was therefore taken against what is termed a "traditional firm" i.e. a sole practitioner or a partnership.

It appears that GOAD & BUTCHER, a partnership between two persons neither of whom is called Goad or Butcher, was in practice at the same address and remains so.

Its practice areas are exactly those one would expect of a high street firm in a market town.

All of those areas have been in some form of economic crisis over the past decade or more, although not all at the same time.

A penalty of GBP5,000 plus conditions on practising certificates and demands to comply with the full gamut of the Money Laundering Regulations as interpreted on a one-size-fits-most approach by The Solicitors Regulation Authority, is a massive time, administrative and direct cost burden indeed.

Often surveys of small firms show that partners have annual drawings falling far below the national average salary.

The SRA has only recently been given power to issue penalties this size. It said, in August 2022 , "With effect from 20 July 2022, the Ministry of Justice increased our fining powers from GBP2,000 to up to GBP25,000 for ‘traditional’ firms and the solicitors who work in them. This does not affect alternative business structures and the individuals working in them, for which we can already impose fines of up to GBP250m and GBP50m respectively. In the longer term, we would like to be aligned with the other legal regulators, whose fining powers are not limited.

"The uplift in fining powers means that fewer cases will need to go to the Solicitors' Disciplinary Tribunal, an independent tribunal that is able to impose greater fines than we can, as well as to suspend solicitors and to strike them from the roll. Increased internal fining levels will help us to resolve cases more quickly, saving all concerned time, stress and costs."

The financial penalty (it is not, strictly, a "fine") takes account of a course of conduct. The technical explanation is as follows:

"Goad & Butcher have been fined and conditions have been imposed on its authorisation, for failing to have in place, since 26 June 2017, a documented and compliant firm-wide risk assessment or compliant policies, controls and procedures contrary to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). "

The firm had come to the Authority's notice previously and in 2019 had been informed of its shortcomings and the remedial action required. However, the Authority said that it had failed to take the necessary steps despite the opportunity to do so.

Conditions have been placed on the firm's authorisation requiring the taking of the steps set out in the 2019 notice within one month of the latest order.

In the absence of compliance, it is possible that the firm's authorisation will be withdrawn.

The original notice is here:
https://www.sra.org.uk/consumers/solicitor-check/goad--butcher---300457/