What is Money Laundering
Solicitors have a requirement to verify identity of client by means of independent documentation. We require certified Photo ID and Address ID with the correct certification on all documents i.e. true likeness and true copy. This is in order to comply with Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Solicitors have to check that the source of funds is consistent with any declaration a client has made as to where funds have been obtained from and solicitors have to check that the funds have been lawfully obtained and not come from the proceeds of crime.
Consequences for solicitors failure to act are as follows:
- Loss of Panel membership
- Disciplinary issues for individuals both internally and with SRA
- The firm could be disciplined