The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations came into force in June 2017 which repealed and replaced the Money Laundering Regulations 2007. New obligations cover: client due diligence, policies and procedures, central register of ownership and PEPS. The aim is to limit the use of professional services such as law firms for money laundering by requiring them to know their client and monitor the use of their legal services by clients. Has your firm conducted a money laundering and terrorist financing risk assessment? Does your firm have an independent audit function? Has your firm ensured staff can conduct and document individual risk assessments? Has your firm provided training to all staff on AML compliance? If not, get in touch to find out how Legal Compliance Consultants can assist?
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