The the Solicitors Regulation Authority (SRA) subsequently increased compliance checks on some 7,000 law firms and warned of strong enforcement action against those who continue to fall short because poor processes open the door to money launderers.
Set against this backdrop, the 5th Money Laundering Directive (5MLD) came into being in January 2020 and is now known as The Money Laundering and Terrorist Financing (Amendment) Regulations.
Cryptoasset Exchange Providers, Custodian Wallet Providers, Letting Agents and Art Dealers are all now considered obliged entities. Law firms will need to carry out a risk assessment to establish if they are transacting with these sectors and to ensure they are carrying out applicable CDD checks.
What are all the key requirements of 5MLD affecting the legal sector?
How can you quickly and easily fulfil obligations?
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