Should Outside of a regulatory context, good practice for most situations in the Sector Affinity Group's view. These may not be the only means of complying with legislative or regulatory requirements and there may be situations where the suggested route is not the best possible route to meet the needs of your client. However, if you do not follow the suggested route, you should be able to justify to oversight bodies why the alternative approach you have taken is appropriate, either for your practice, or in the particular retainer. May A non-exhaustive list of options for meeting your obligations or running your practice. Which option you choose is determined by the profile of the individual practice, client or retainer. You may be required to justify why this was an appropriate option to oversight bodies. Chapter 2 - Risk-based approach Note: References to client accounts and management of trusts, companies and charities in sections 2.3.2.2, 2.4.2 and 2.4.5 do not apply to barristers or advocates for the reasons set out in section 1.1.1. 2.1 General comments The possibility of used to assist with money laundering and terrorist financing poses many risks for the practice of an independent legal professional, including: criminal and disciplinary sanctions for the practice and individuals in the practice civil action against the practice as a whole, as well as certain individuals damage to reputation leading to a loss of business. These risks must be appropriately identified, assessed and mitigated, just as you do for all business risks facing your practice. If you know the risks that you face generally and know your client well and understand your instructions thoroughly, you will be better placed to assess risks and spot suspicious activities. Adopting a approach to preventing money laundering means that you focus your resources on the areas of greatest risk. The resulting benefits of this approach include: more efficient and effective use of resources proportionate to the risks faced, minimising compliance costs and burdens on clients. and greater flexibility to respond to emerging risks as laundering and terrorist financing methods change. The approach does not apply to reporting suspicious activity, because and the Terrorism Act lay down specific legal requirements not to engage in certain activities and to make reports of suspicious activities once a suspicion is held.
Should Outside of a regulatory context, good practice for most situations in the Sector Affinity Group's view. These may not be the only means of complying with legislative or regulatory requirements and there may be situations where the suggested route is not the best possible route to meet the needs of your client. However, if you do not follow the suggested route, you should be able to justify to oversight bodies why the alternative approach you have taken is appropriate, either for your practice, or in the particular retainer. May A non-exhaustive list of options for meeting your obligations or running your practice. Which option you choose is determined by the profile of the individual practice, client or retainer. You may be required to justify why this was an appropriate option to oversight bodies. Chapter 2 - Risk-based approach Note: References to client accounts and management of trusts, companies and charities in sections 2.3.2.2, 2.4.2 and 2.4.5 do not apply to barristers or advocates for the reasons set out in section 1.1.1. 2.1 General comments The possibility of used to assist with money laundering and terrorist financing poses many risks for the practice of an independent legal professional, including: criminal and disciplinary sanctions for the practice and individuals in the practice civil action against the practice as a whole, as well as certain individuals damage to reputation leading to a loss of business. These risks must be appropriately identified, assessed and mitigated, just as you do for all business risks facing your practice. If you know the risks that you face generally and know your client well and understand your instructions thoroughly, you will be better placed to assess risks and spot suspicious activities. Adopting a approach to preventing money laundering means that you focus your resources on the areas of greatest risk. The resulting benefits of this approach include: more efficient and effective use of resources proportionate to the risks faced, minimising compliance costs and burdens on clients. and greater flexibility to respond to emerging risks as laundering and terrorist financing methods change. The approach does not apply to reporting suspicious activity, because and the Terrorism Act lay down specific legal requirements not to engage in certain activities and to make reports of suspicious activities once a suspicion is held.