Certificate of deposit, a note of receipt by a commercial bank for funds deposited. A CD pays a fixed amount of interest and has a set date of maturity.

Law360: The regulatory foundations could be laid this year for a massive expansion in new types of collective pension schemes, a retirement savings provider said on 6 January 2025.

The Department for Work and Pensions (DWP) announced in a press release issued on 22 October 2025 that regulations will be laid before Parliament to allow Unconnected Multiple Employer Schemes (UMES), and that a consultation response to the earlier consultation on UMES will also be published alongside the new regulations. In addition, a new consultation was to be launched on policy for retirement collective defined contribution (CDC) schemes.

This Practice Note: CDD ID documentation—FAQs is intended for law firms. It covers some frequently asked questions in relation to client due diligence (CDD) and identification documentation under the anti-money laundering (AML) and counter-terrorist financing (CTF) regime, including: • Can a current, valid UK photocard driving licence alone satisfy CDD requirements? • Do I have to update CDD documentation when it expires, eg a copy passport, for AML purposes? • The names on a client’s passport and driving licence do not match. What action can we take to satisfy ourselves of the client’s identity? • Who can certify identification documents (passports, driving licenses, utility bills, etc) and what is the precise wording that ought to be used? Can a current, valid UK photocard driving licence alone satisfy CDD requirements? Practice Note: Money Laundering Regulations 2017—client due diligence—law firms explains that CDD involves: • identifying the client, unless the identity of that client is already known to you and has been verified by you • verifying their identity on the basis of documents or information obtained from

This Practice Note is intended for law firms. It covers some frequently asked questions in relation to client due diligence (CDD) for corporate clients under the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing regime: • What CDD is required if my client is a body corporate under the MLR 2017? • How do you undertake AML compliance on a listed PLC? • Do I need to perform CDD checks on my client where its parent company is FCA-regulated? • Do I have to apply CDD measures to an officer instructing the firm on behalf of a corporate client, under MLR 2017? • Are we required to obtain a corporate client’s articles of association and memorandum of incorporation in all circumstances under the MLR 2017? • We know the beneficial owner of a private unlisted company client and we know the company has been set up, what CDD documentation do we need to obtain? • Where company documents provided for CDD purposes are in another language, are we required to obtain a translation? This

1 Instructions on completing this form If during the course of completing Client Due Diligence (CDD) checks or through ongoing monitoring obligations after a business relationship has been established, you discover a material discrepancy between the beneficial ownership information the client provides to you and the information on the relevant registers (eg Companies House register), you must complete this form and submit it to the [state who the form should be sent to, eg nominated officer, head of risk, compliance officer]. The [insert, eg nominated officer, head of risk, compliance officer] will then review the information/documentation

This Precedent CDD beneficial ownership information discrepancy report form register can be used to record and monitor

This CDD client risk assessment form is intended to reflect risks identified in the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) regulatory regime, together with guidance issued by relevant regulators and any additional risks identified in our firm-wide risk assessment (FWRA). It is updated on a regular basis, in response to emerging risks and/or periodically. When completing this risk assessment, you must refer to the separate Explanatory notes, which can be found at Appendix 1. 1 Client and instructions Please read section [insert] of the Explanatory notes and record your answers below. 1.1 All clients Client name [Insert name] Client reference number [Insert number] Is the client new or existing? ☐ New☐ ExistingIf existing client, date due diligence was last updated: [insert date] Are you relying on CDD previously undertaken in relation to this client? ☐ No☐ Yes—if so, state —when and in what context the CDD was undertaken: [state] —that you have considered whether the CDD remains current, accurate and appropriate for this client and the present instruction: [state] —whether the previous CDD was undertaken for services within the scope of the

This CDD customer risk assessment is intended to reflect risks identified in the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) regulatory regime, together with guidance issued by relevant regulators and any additional risks identified in our organisation-wide risk assessment. It is updated on a regular basis, in response to emerging risks and/or periodically. When completing this risk assessment, you must refer to the separate Explanatory notes, which can be found at Appendix 1. 1 Customer details Please read section [insert] of the Explanatory notes and record your answers below. 1.1 All customers Customer name [Insert name] Customer reference number [Insert number] Is the customer new or existing? ☐ New☐ ExistingIf existing customer, date due diligence was last updated: [insert date] Customer type ☐ Individual or individuals (ignore sections 1.3, 1.4 and 1.5) ☐ Company☐ LLP☐ Partnership☐ Trust☐ Other (please state): [state] Customer’s occupation/source of income [Insert high-level details of customer’s occupation/source of income] Is the customer based in the UK? ☐ Yes☐ No—state base country of customer: [state country] Is someone other than the customer (eg an agent/intermediary or, in the case of a corporate customer, an officer) giving instructions on the customer’s behalf? ☐ No☐ Yes—if so, state: —who

Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is an established component of the AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and include in relation to systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. As things stand, therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Notes: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach. Certain components of CDD however, allow for flexibility and positively require risk assessment. Evidence of identity

Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is an established component of the AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and cover systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. Therefore, counter-proliferation financing is not covered in this fundamentals note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Note: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach. Certain components of CDD, however, allow for flexibility and positively require risk assessment. Evidence of identity can be obtained in

Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is an established component of the AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and cover systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. Therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Note: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach. Certain components of CDD however, allow for flexibility and positively require risk assessment. Evidence of identity can be obtained in