The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, from 10 January 2020, impose obligations on firms in relation to beneficial owners.
This Practice Note:
the concept of beneficial ownership
who is categorised as a beneficial owner, and
what is required by way of client due diligence (CDD) measures
requirements for certain clients to supply information about their beneficial owners, and
what information is available via beneficial ownership registers
provides guidance on:
what use you can/should make of information contained in these registers when conducting CDD
the requirement to report discrepancies in beneficial ownership information, and
SRA approval of beneficial owners, etc
It is intended to provide guidance to law firms when dealing with corporate bodies and trusts and their own SRA obligations in relation to beneficial ownership.
This Practice Note is not intended to be a guide for corporate bodies or trusts on their obligations in relation to their own beneficial ownership information under the MLR 2017.
The MLR 2017 identify six main categories of entity or arrangement that may have a beneficial owner:
foundation or other legal arrangement similar to a trust
estate of a deceased
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234