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Why does the Precedent: CDD matter risk assessment form—law firms include low risk factors that appear to relate to financial services?

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Published on LexisPSL on 31/03/2020

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • Why does the Precedent: CDD matter risk assessment form—law firms include low risk factors that appear to relate to financial services?

Why does the Precedent: CDD matter risk assessment form—law firms include low risk factors that appear to relate to financial services?

Section 5.1 of Precedent: CDD matter risk assessment form—law firms contains a list of potential factors that may indicate that simplified due diligence (SDD) will be adequate for a particular matter. These may appear to relate to financial services rather than legal services. They have been included for the simple reason that it is a requirement of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, reg 37, which states that:

‘a relevant person may apply SDD measures in relation to a particular business relationship or transaction if it determines that the business relationship or transaction presents a low degree of risk of money laundering and terrorist financing, having taken

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