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Latest on risk management, professional indemnity and compliance issues.
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January 23, 2024
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 remove Schedule 3ZA and update the definition of a High Risk Third Country in Regulation 33(3)(a) of the MLR 2017 to align with the Financial Action Task Force (FATF) grey and black lists.
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January 19, 2024
Companies House: Changes to UK company law
Website containing useful resources on the changes.
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January 16, 2024
Axis Specialty Europe v Discovery Land Company LLC and others [2024] EWCA Civ 7
The Court of Appeal has dismissed insurers’ appeal against the decision of Knowles J on the meaning of ‘condoning’ dishonesty, and on the aggregation of claims under a policy under the SRA Minimum Terms and Conditions of professional indemnity insurance.
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January 15, 2024
New York Bar Formal Opinion 2024-1: Ethical Issues Arising from the Representation of Two or More Bidders Competing for the Same Asset
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January 11, 2024
Guidance on money laundering reporting obligations in relation to the DAML exemption provisions introduced by the Economic Crime and Corporate Transparency Act 2023 – GOV.UK
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December 18, 2023
The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023
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December 15, 2023
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (in force 10 January 2024)
Amendments providing that the starting point for the risk assessment of UK domestic PEPs is that the customer or potential customer presents a lower level of risk than a non-domestic PEP.
See here.
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December 14, 2023
OFSI Annual Review 2022-23: Strengthening our Sanctions
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December 5, 2023
Boodia & Anor v Slade (t/a Richard Slade And Company) [2023] EWHC 2963 (KB)
There was no requirement for a solicitor to obtain informed consent to a retainer which provided for rendering of interim statute bills. Permission to appeal was granted on whether the consequent restriction on the client’s ability to challenge such a bill contravened the Unfair Terms in Consumer Contracts Regulations 1999 (“the UTCC regs”) and the Consumer Protection from Unfair Trading Regulations 2008, the allegation being that the solicitors ought to have spelt out the consequences in respect of the loss or reduction of rights to obtain a statutory assessment of the bills under s.70 of the Solicitors Act 1974.
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December 5, 2023
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023, in force from 5 December 2023
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023, in force from 5 December 2023, substitute the list of high-risk third countries specified in Schedule 3ZA of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 adding Bulgaria, Cameroon, Croatia, Nigeria, South Africa and Vietnam and removing Albania, Cayman Islands, Jordan and Panama to reflect changes in FATF lists.
See here.