Suspicious Minds - what is the definition of suspicion?

The AML legislation imposes a positive duty on lawyers, in certain circumstances, to report any suspicion that their client is engaged in money laundering. Given that such a duty is, on the face of it, in conflict with fundamental obligations on solicitors to act in the best interests of their clients and keep what they say confidential, one would be forgiven for thinking that the law would provide a clear definition and guidance as to the meaning of suspicion. “Suspicion” is a key concept in the proceeds of crime legislation in establishing the mental element required not only to prove there has been a failure to report offence, but also to prove the commission of the substantive money laun

Top Tips for AML Compliance

In this series, I cover my Top Tips for AML Compliance, here are the first 10…… 1) Evidencing you have taken your supervisor’s risk assessment into account when preparing your own. All firms must have regard to their supervisor’s risk assessment when preparing their own. (Reg18(2)) Make sure it is mentioned in the steps you’ve taken in preparing the risk assessment. If your assessment of risk differs with theirs, explain why. 2) In your Firm Risk Assessment, don’t forget to include the risk from the client account. It’s referenced in the National Risk Assessment and the Supervisors Risk Assessment so it should be in yours. Often the focus is solely on the work types and firms don’t always id

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