I’m a sole practitioner. Do I need to appoint a money laundering officer?
I’m setting up a new firm as a sole practitioner, dealing mainly with conveyancing and probate matters. Will I be required to appoint a nominated officer under the Money Laundering Regulations 2017?
Both areas of work – conveyancing and probate – are activities within the regulated sector.
Regulation 21(6) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) provides that there is no requirement to have a nominated officer where you are an individual providing regulated services who neither employs nor acts in association with any other person.
In essence, you will be the nominated officer as you will be the person making suspicious activity reports to the National Crime Agency.
For more information, see chapter 9 of the anti-money laundering guidance for the legal sector.
While every effort has been made to ensure the accuracy of the information in this article, 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.
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