Q&As

Can we accept electronic copies of documents, eg a downloaded bank statement, for client due diligence purposes under the Money Laundering Regulations 2017?

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Published on LexisPSL on 18/02/2022

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • Can we accept electronic copies of documents, eg a downloaded bank statement, for client due diligence purposes under the Money Laundering Regulations 2017?

Can we accept electronic copies of documents, eg a downloaded bank statement, for client due diligence purposes under the Money Laundering Regulations 2017?

Client due diligence (CDD) requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Where the MLR 2017, SI 2017/692 applies, conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach. Certain components of CDD however, allow for flexibility and positively require risk assessment.

A client’s identity must be

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