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Here are the myths of anti-money laundering rules

The UK Money Laundering Regulations (MLRs), governed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require all businesses covered by the regulations, including all law firms, to put in place controls designed to prevent them being used for money laundering. Such measures, which include individual client risk assessments, due diligence, and identity verification, are often cited as responsible for work grinding to a halt while awaiting identification documentation from clients – no action is able to be taken until such evidence is acquired, writes Jerry Jamieson.

To read more, go to Spear's Wealth Management magazine.

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