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September 16, 2020
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
The amendments relate principally to beneficial ownership and trusts, and to Brexit. Reg. 3 contains an exclusion for customers that are publicly listed companies from the duty to take measures to understand a customer’s ownership structure and to clarify the provision confirming that identity can be verified electronically.
See here.
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September 15, 2020
SRA | Taking money for your firm’s costs | Solicitors Regulation Authority
See here.
For guidance on planning for and completing an accountant’s report, see here.
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September 14, 2020
Guidelines 07/2020 on the concepts of controller and processor in the GDPR
The European Data Protection Board has published Guidelines 07/2020 on the concepts of controller and processor in the GDPR for consultation. It invites comments by 19 October 2020. Of particular interest, the guidelines contain a useful summary in relation to joint controllers.
See here.
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September 14, 2020
PJSC Tatneft v Bogolyubov & Ors [2020] EWHC 2437 (Comm)
Advice provided by in house Russian lawyers who were not (and could not be) members of the Russian Bar, and therefore did not fall under regulation provided under Federal Law governing advocates, was protected by legal professional privilege. The decision contains a useful and concise summary of authorities and may also be relevant to the status of lawyers employed by international law firms operating in Russia who are hired under employment contracts and do not hold advocate status.
See here.
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September 11, 2020
The Information Commissioner’s Office blog posting has announced the launch of the Accountability Framework as a ‘beta’ product
See here.
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September 4, 2020
Cyber Security – SRA publishes thematic review
See here.
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September 4, 2020
Council of Europe Report: Money laundering and terrorism financing trends in MONEYVAL jurisdictions during the COVID-19 crisis
The report contains information on pandemic-related typologies and notes that most countries reported that due to pandemic and remote working FI and DNFBP supervisors experienced challenges in conducting on-site supervisions. Onsite controls have been postposed, the authorities favouring off-site and desk-based reviews. The supervisors’ efforts have been placed in ensuring that the off-site supervisory activities are maintained and, when possible, reinforced.
For sensitive information, such as client file reviews, the authorities have opted to either receive client files through a secure cloud portal or other electronic means or reviewing these documents remotely e.g. through the shared screen facility offered by video conferencing.
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September 2, 2020
Solicitors professional indemnity could become unsustainable
See here.
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August 27, 2020
European Data Protection Board (EDPB): Frequently Asked Questions on the judgment of the Court of Justice of the European Union in Case C-311/18 – Data Protection Commissioner v Facebook Ireland Ltd and Maximillian Schrems
See here.
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August 26, 2020
SRA case studies on firm closure due to financial difficulties
See here.
