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Nov 25, 2019 · Paragraph 7.1 of the Code of Conduct for Solicitors, RELs and RFLs, and paragraph 3.1 of the Code of Conduct for Firms require individuals and firms respectively to make sure they keep up to date with, and remain aware of, their responsibilities under any new legislation as and when it is introduced.
COFAs Toolkit, 2nd edition. £60. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) came into force in June 2017. Our quick guide gives you an overview of the key issues firms need to be aware of. The Legal Sector Affinity Group, which represents the legal sector AML ...
Feb 14, 2024 · No. Whether or not you fall within scope of the regulations is not dependent on holding client’s money. There are many ways to meet the definitions of an independent legal professional, trust or company service provider (regulation 12 paragraphs (1) and (2) respectively) or tax adviser (regulation 11(d) as amended) without holding client money.
Who the AML regulations apply to. 16 March 2021. There are two sets of legislation solicitors and law firms must understand and adhere to. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 set out the main AML requirements for firms. This legislation has been amended significantly by:
[30(2) MLR 2017]. Regulation 31 provides that if you are unable to complete CDD in time, you cannot carry out a transaction with or for the client. CDD records must be kept for 5 years and destroyed at end of that period [40(3) MLR 2017] unless required by statute, for the purpose of court proceedings or agreed otherwise with client [40(5) MLR ...
Money laundering compliance officer—law firms. Money laundering compliance officer—law firmsThis Practice Note is intended for law firms that are subject to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It provides guidance on the requirement to
For lawyers and solicitors dealing with anti-money laundering (AML), this article provides expert, practical guidance on how to ensure your law firm is following AML obligations and managing risk well. If you're looking for a more comprehensive guide, request a free download. Download the Full Guide. Money laundering has a devastating impact on ...
