Q&As

Are there any CDD requirements for transferring money to an unrepresented third party in real estate transactions?

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Published by a LexisNexis Practice Compliance expert
Published on: 26 February 2016

The Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 came into force on 26 June 2017 and impose duties on firms including in relation to:

  1. •

    training

  2. •

    client Due diligence (CDD) which includes ongoing monitoring

  3. •

    record keeping, and

  4. •

    designating a nominated officer

For more information, see Practice Note: Money Laundering Regulations 2017—systems and controls Requirements—law firms.

CDD requirements (including source of funds) apply to your client and the beneficial owners of your client only. The MLR 2017 allow firms to take a risk-based approach to CDD and there is no specific requirement in the MLR 2017 to conduct CDD on non-clients.

However,

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United Kingdom
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Key definition:
Requirements definition
What does Requirements mean?

A DCO should include “Requirements” to which the development authorised by the DCO is to be subject. Similar to planning conditions, a requirement specifies the matters for which detailed approval needs to be obtained before the development can be lawfully begin.

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