The following Practice Compliance practice note provides comprehensive and up to date legal information covering:
Individuals who have, or have had, a high political profile, or hold, or have held, public office, can pose a higher money laundering risk to firms as their position may make them vulnerable to corruption. This risk also extends to members of their immediate families and to known close associates. Politically exposed person (PEP) status itself does not, of course, incriminate individuals or entities, but it does put the client or the beneficial owner into a higher risk category.
You must apply enhanced due diligence (EDD) measures and enhanced ongoing monitoring where you have determined that the client/potential client is a PEP, or a family member or known close associate of a PEP.
When this requirement is triggered, the requirement to conduct EDD is mandatory but you can take a risk-based approach when determining the nature and extent of the EDD measures to apply.
This Practice Note explains provisions relating to PEPs, including their purpose, what is a PEP, requirements in relation to identifying and risk assessing PEPs. It also contains guidance on procedures for managing the risks associated with a PEP relationship and discusses the issue of PEPs as beneficial owners. It takes into account guidance issued by financial and legal regulators. While some of this guidance may be sector specific, it represents good practice and sensible risk management more generally.
The Fourth Money
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
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