The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:
This document reflects the UK GDPR regime. References and links to the GDPR refer to the UK GDPR (Retained Regulation (EU) 2016/679) unless expressly stated otherwise.
The provisions of the UK General Data Protection Regulation (GDPR) and the Data Protection Act 2018 (DPA 2018) creates some challenges under the anti-money laundering (AML) and counter-terrorist financing (CTF) regime, including:
complying with information requirements
the requirement not to use personal data collected for AML/CTF reasons for other purposes
protecting the customer data you collect during the customer due diligence (CDD) process
sharing customer data with law enforcement agencies, eg by making suspicious activity reports (SARs) or responding to enquiries, and
data subject access requests (DSARs) and tipping-off offences
This Practice Note begins with a brief overview of the data protection regime and its principles and then explains these challenges, providing practical guidance on how to approach them. It reflects the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 which came into force on 26 June 2017. It provides guidance which is of general application. You should check whether MLR 2017, SI 2017/692 contains additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to data protection.
To comply with the data protection requirements
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The principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is irrelevant as D
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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