Posted: 31 August 2017
On the 26 June 2017 – the European Union’s Anti-Money Laundering Directive (EU4MLD) was implemented into law. Do you know…
All Clients seeking legal services should be subjected to a thorough Risk Assessment. Where Simplified Due Diligence is appropriate, in addition to documentary evidence, clients must also be screened to identify Politically Exposed Persons (PEP) or whether they are the subject of a Financial Sanction.
EU4MLD states that there is no longer an automatic exemption from carrying out Enhanced Customer Due Diligence. Client Risk Assessments should define the criteria for the type of Customer Due Diligence, and if in doubt firms should consider carrying out Enhanced Customer Due Diligence.
All clients, domestic or otherwise, must be screened to identify PEPs and Financial Sanctions. Criminal, regulatory and legal penalties for breaching a prohibition, or failing to comply with an obligation that is imposed by or under financial sanctions legislation, include fines of up to £1,000,000 and prison sentences of up to 7 years.
The Law Society have stated that firms should undertake a thorough Risk Assessment on any clients requesting legal services. Firms should carry out firm wide risk assessments based upon the work and service types they provide.
Be compliant and save time with AML4 Search v4.
Contact you Account Manager for further information or tel:0800 318 611 / firstname.lastname@example.org