This is a further reminder that the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, also known as the AML/CFT Act, is now in force.
We have to apply the law to every client, even if we have worked with clients for a long time. It also applies to all transactions where money is received into our trust account.
This means we are required to obtain more information from clients to verify their identity, as well as the identity of other people who may act on a client’s behalf.
We may also ask clients about the purpose of the business they are undertaking and for information about the source of their wealth.
We aim to keep the process as simple as possible and will let clients know what information we require when we receive instructions or when there’s a change in the nature of our relationship.
Visit our AML/CFT web section for more information, including the type of identification we require.
If you would like to discuss any aspects of AML/CFT Act or require any further information, please contact your usual Lane Neave Legal adviser.