Client due diligence matrix

Copyright © 2025 LexisNexis
Published by a LexisNexis Practice Compliance expert
Precedents

Client due diligence matrix

Copyright © 2025 LexisNexis

Published by a LexisNexis Practice Compliance expert

Precedents
imgtext

    1. 1

      Introduction

      Evidence of identity can be obtained in a number of forms and come from a number of sources. Whatever evidence you rely on, it must cause you to be reasonably satisfied as to someone’s identity.

      The documentation you require from clients will depend on the nature of the client and your assessment of the risk they present to your business. This may involve accepting a range of documents.

      The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended set out a summary of the risk factors which you should take into account when conducting client due diligence, together with AML Guidance for the Legal Sector, which was published by the Legal Sector Affinity Group and approved by HM Treasury. The Group comprises the AML supervisors for the legal sector. The Guidance applies across the legal services sector and replaces previous guidance.

      This is especially true in relation to politically exposed persons (PEPs) and when it comes to contraventions of the MLR 2017.

      You must consider the CDD

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Client definition
What does Client mean?

The person(s) on whose behalf the firm is providing a service.

Read more readmore

Popular documents

What is the difference between an appeal and a review?

What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a

If a rentcharge is shown as being informally exonerated on title information, does this apply to the

If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some

Late payment penalties—inheritance tax

Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application