Answer
The aim of the Regulations is to limit the use of professional services for money laundering by requiring professionals to know their clients and to monitor the use of their services by clients.
The Regulations are not intended to prevent individuals obtaining legal advice and indeed the Treasury has confirmed that certain activities including the 'provision of legal advice' and the payment of a solicitor's bill are not covered by the Regulations.
It is therefore for your firm, using a risk-based approach, to decide how far you want to go in identifying potential clients if you are simply meeting them and giving advice in this half-hour interview.
For further information, please see section 1.4.5 of the Law Society's Anti-money Laundering practice note. The Treasury has formally approved this practice note which means that the SRA and the courts have to take regard of it when considering if a solicitor's conduct was reasonable in relation to any allegations of failure to comply with the Regulations or money laundering.
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Disclaimer
While every effort has been made to ensure the accuracy of the information provided by the Practice Advice Service, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.