Client due diligence—law firms—checklist
Published by a LexisNexis Practice Compliance expert
ChecklistsClient due diligence—law firms—checklist
Published by a LexisNexis Practice Compliance expert
Checklists
This client due diligence Checklist pulls together requirements in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 as amended in relation to the obligation to conduct client due diligence. It also contains recommended actions.
The Checklist signposts relevant Precedents you can use or adapt to comply with these requirements and recommendations. There is a section for you to mark whether you have completed each requirement and also to insert comments or note action points. For more guidance, see Practice Note: Money Laundering Regulations 2017—client due diligence—law firms.
This document reflects Legal Sector Affinity Group (LSAG) AML guidance.
General
| Requirement | Compulsory or recommended? | Comments (if any) |
| ☐ Have a system for identifying clients. | CompulsoryIdentification is simply being told or coming to know the client's identifying details, ie their name and address. Precedent: New client form is designed to capture this information.MLR 2017, SI 2017/692, reg 28(2)(a) | (Insert any comments you may wish to make regarding your organisation’s arrangements) |
| ☐ Have a system for verifying the identity |
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