When is ‘customer due diligence’ required for the purpose of complying with the Money Laundering Regulations 2007?
• establishing a business relationship • carrying out an occasional transaction • you suspect money laundering or terrorist financing • you doubt the veracity or adequacy of documents, data or information previously obtained for the purposes of customer due diligence. There is no obligation to conduct customer due diligence in accordance with the regulations for retainers involving non-regulated activities. For details of non-regulated activities please see the Law Society’s anti-money laundering practice note, chapter 1. For further information on customer due diligence, please refer to the anti-money laundering practice note, chapter 4.
Related Questions
- Our new firm is preparing its policies and procedures in accordance with the Money Laundering Regulations 2007. Does the Law Society produce any sample/precedent client care letters?
- When is ‘customer due diligence’ required for the purpose of complying with the Money Laundering Regulations 2007?
- which companies need to register with HMRC under new money laundering regulations?
