The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:
your organisation-wide risk assessment—see Practice Note: Money Laundering Regulations 2017—identifying and assessing organisation-wide risks and Precedent: Money laundering and terrorist financing organisation-wide risk assessment
relevant information made available to you by your supervisory authority, and
the risk factors set out at Assessing the risk below
This Practice Note explains your options around SDD and what it means for you in practice. It reflects 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. It provides guidance which is of general application. You should check whether the MLR 2017 contain additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to SDD.
SDD is the lowest level of due diligence that can be completed on a customer. It is only permitted where there is a low risk of money laundering and terrorist financing.
The option to apply SDD is not mandatory, it is something you may elect to do.
SDD is not an exemption from any of the customer due diligence (CDD) measures; however, it allows you to
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. 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
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
This Practice Note considers the doctrine of forum non conveniens, also referred to as the appropriate forum or the proper place for a dispute to be determined. This doctrine is of relevance when determining whether the courts of England and Wales have jurisdiction to hear a dispute and is applied
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.