399. Money laundering.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20171 apply to independent legal professionals, which includes both firms and sole practitioners2. They are required to establish and maintain appropriate and risk-sensitive policies and procedures relating to customer due diligence measures and ongoing monitoring, reporting, record-keeping, internal control, risk assessment and management in order to prevent activities related to money laundering and terrorist financing