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Money Laundering Regulations | LPC Help

380 words (2 pages) LPC Help Guide

1st Jun 2020 LPC Help Guide Reference this In-house law team

Jurisdiction(s): UK Law

6.5 Money Laundering Regulations

All solicitors are required to undergo money-laundering training. Basic requirements include identifying clients and confirming their address. Clients will be required to provide documentation and solicitors can do no more than nominal work until this is received.

Certain transactions carry a greater risk of money laundering – e.g. the buying and selling of property or the creation of trusts and companies – and as such, a greater burden is placed on solicitors in terms of what they are required to do.

More information can be found at: http://www.lawsociety.org.uk/productsandservices/practicenotes/aml/452.article

Money laundering is a process that disguises the origins of the proceeds of crime in order to make it appear that they came from a legitimate source.

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