The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
This Practice Note sets out new or amended provisions introduced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 as compared with the Money Laundering Regulations 2007 (the 2007 Regulations).
Headline changes for law firms to note include those in relation to:
scope and application
client due diligence (CDD), specifically:
simplified due diligence (SDD)
politically exposed persons (PEPs)
enhanced due diligence (EDD)
persons acting on behalf of clients
beneficial ownership information
systems and controls, eg:
board level responsibility
internal audit function
group-level policies and procedures, and
The scope and application of the MLR 2017 haven't changed significantly for law firms. They still apply where you are an independent legal professional, by way of business, participating (assisting in the planning or execution of the transaction or otherwise acting for or on behalf of a client in the transaction) in financial or real estate transactions concerning:
buying and selling of real property or business entities
managing client money, securities or other assets (this is narrower than handling them)
opening or managing bank, savings or securities accounts (this is wider than simply opening a solicitor's client account)
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