what does reg18 MLR Require?
a risk assessment- relevant persons to take appropriate steps to identify and assess the risks of money laundering
does the MLR apply to all legal work?
No- not all. however most firms take steps required by MLR anyway to avoid risk
what evidence do you need to verify a UK natural person for AMLG
passport/driving license, or using a electronic data service provider
what evidence do you need to verify a UK partnership for AMLG
name, trading address, registered address, name of business
what evidence do you need to verify a UK company for AMLG
constitution, business, legal ownership structure
Reg 28(3) MLR must: name, company no and address of registered office
what do you need to do if customer is a legal person?
trace ownership, and very and ID the beneficial owner
what evidence do you need to verify a UK listed companies for AMLG
company name, company number, address of registered office
where company is listed only need simplied CDD
what evidence do you need to verify a UK private companies for AMLG
name, company no, address of registered office
what are the two types of conflicts of interest?
own interest and conflict of interest
what is an own interest conflict?
any situation where your own interests conflict with your clients and you cannot act in their best interests
can you act if there is an own interest conflict?
no
What is a conflict of interest?
situation where your separate duties to act in the best interests of two or more clients conflict
can you act when there is a conflict of interest?
unless an exception applies
what is the SCI exception?
substantially common interest- where there is a clear common purpose between the clients and a strong consensus on how it is to be achieved
what is the CSO exception?
competing for the same objective- two or more clients are competing for an objective which if attained by one client, will make that objective unattainable to the other client or clients
what else is needed for SCI or CSO to apply?
client have given informed consent, given or evidenced in writing to you acting, where appropriate put in place effective safeguards t protect clients confidential info and satsified that it is reasonable for you to act for all clients
what are the three C’s for taking on a new client?
customer due diligence, client conflict check, client care letter
