The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
Forthcoming changes: The UK has voted to leave the EU and this will take place on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018. This has implications for law firms. This Practice Note is likely to be affected. It will be updated as and when relevant implementing legislation is published. For more on Brexit, see Practice Notes: Brexit—anti-money laundering and counter-terrorist financing—law firms and Preparing for Brexit—key considerations and action planning—law firms.
This Practice Note explains the offences, penalties and enforcement provisions contained in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 which came into force on 26 June 2017.
Part 9 of the MLR 2017 identifies 'relevant requirements' and creates powers to impose civil penalties on any person who contravenes a relevant requirement as well as creating criminal offences where a relevant requirement is contravened.
The following table sets out the relevant requirements, to which civil and/or criminal penalties may attach, that apply to law firms (ie it does not contain relevant requirements which apply only to, eg FCA-regulated entities), and identifies help available on Lexis®PSL.
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