The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:
This Practice Note sets out the scope and application of 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, as amended from 10 January 2020 by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511.
The MLR 2017 repealed and replaced the Money Laundering Regulations 2007 (the 2007 Regulations) and implemented the Fourth EU Money Laundering Directive in the UK. They set administrative requirements for the anti-money laundering (AML) regime within the regulated sector and outline the scope of customer due diligence. The MLR 2017 aim to prevent the use of professional services for money laundering by requiring professionals to know their customers and monitor the use of their services by customers.
The MLR 2017 apply to:
relevant persons, ie:
cryptoasset exchange providers
custodian wallet providers
auditors, insolvency practitioners, external accountants and tax advisers
independent legal professionals
trust or company service providers
estate agents and letting agents
high value dealers
art market participants
acting in the course of business carried on by them in the UK
who do not benefit from one of the very narrowly-drawn exclusions in Regulation 15
The following definitions apply:
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
Community order requirementsCommunity order requirements are set out in the Criminal Justice Act 2003 (CJA 2003), as amended by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO 2012) and the Offender Rehabilitation Act 2014 (ORA 2014). Criminal Justice Act 2003, s 152(2)
Overlapping insurance policesThere are various reasons why an insured may end up with overlapping insurance cover, whether deliberately or otherwise.Examples include the situation where the insured takes the benefit of other insurance arranged by another party or where, in the commercial world, risk
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