The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:
Practice Note: Money Laundering Regulations 2017—client due diligence—law firms explains that client due diligence (CDD) involves identifying the client and verifying their identity on the basis of documents or information obtained from a reliable source which is independent of the client.
Identification and verification are not the same:
identification is simply being told or coming to know the client's identifying details, ie their name and address
verification is obtaining evidence that supports this identification—the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 make it clear that you must verify on the basis of documents or information obtained from a reliable source which is independent of the person whose identity is being verified. Adopting a risk-based approach, AML Guidance for the Legal Sector sugg
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The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
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