Professional Conduct and Regulation

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Question 1 of 1

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561937

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‘relevant persons acting in the course of business carried on by them includes ‘independent legal professionals’.

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561938

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It applies to ‘independent legal professionals’ who participate or assist in the planning or execution of financial or property transactions

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561939

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This regulation sets out the CDD obligation that the firm should undertake if it falls within one of the four following categories

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561941

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business relationship means a business, professional or commercial relationship between a relevant person and a customer which arises out of business of the relevant person and has an element of duration

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561942

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business relationship will also be created where the relevant person (solicitor) is asked to form a company for its customer, whether or not the formation of the company is the only transaction

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561943

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Standard DD verify customer, his identity and assess info on intended business relationship or occasional transaction

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561944

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Standard DD- if the customer is a company- name, company no, and address of registered office

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561945

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if the customer is a company which is listed on a regulated market, you do not need to apply Reg 28(4) which applies to beneficial owners

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561947

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where the company is beneficially owned by another person, the relevant person must identify the beneficial owner and his identity

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561948

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A beneficial owner in relation to a body corporate which is not a listed company means exercising ultimate control over company, 25% or more shares or controls body corporate

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561949

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if beneficial owner cannot be identified, the law firm may treat the senior person responsible for managing the customer as its beneficial owner

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561950

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Requirement for ongoing monitoring of the business relationship which includes scrutiny of transactions undertaken throughout the course of the business relationship and undertake reviews of existing records

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561951

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relevant person must apply enhanced customer due diligence and enhanced ongoing monitoring in addition to customer due diligence to manage and mitigate risks arising

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561952

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Enhanced CDD includes examining the background and purpose of the transaction, and Increasing the degree and nature of monitoring of the business relationship

Professional Conduct and Regulation

Question 1 of 1

Time Left

‘relevant persons acting in the course of business carried on by them includes ‘independent legal professionals’.

Fill in the blanks

(0/0)

It applies to ‘independent legal professionals’ who participate or assist in the planning or execution of financial or property transactions

Fill in the blanks

(0/0)

This regulation sets out the CDD obligation that the firm should undertake if it falls within one of the four following categories

Fill in the blanks

(0/0)

business relationship means a business, professional or commercial relationship between a relevant person and a customer which arises out of business of the relevant person and has an element of duration

Fill in the blanks

(0/0)

business relationship will also be created where the relevant person (solicitor) is asked to form a company for its customer, whether or not the formation of the company is the only transaction

Fill in the blanks

(0/0)

Standard DD verify customer, his identity and assess info on intended business relationship or occasional transaction

Fill in the blanks

(0/0)

Standard DD- if the customer is a company- name, company no, and address of registered office

Fill in the blanks

(0/0)

if the customer is a company which is listed on a regulated market, you do not need to apply Reg 28(4) which applies to beneficial owners

Fill in the blanks

(0/0)

where the company is beneficially owned by another person, the relevant person must identify the beneficial owner and his identity

Fill in the blanks

(0/0)

A beneficial owner in relation to a body corporate which is not a listed company means exercising ultimate control over company, 25% or more shares or controls body corporate

Fill in the blanks

(0/0)

if beneficial owner cannot be identified, the law firm may treat the senior person responsible for managing the customer as its beneficial owner

Fill in the blanks

(0/0)

Requirement for ongoing monitoring of the business relationship which includes scrutiny of transactions undertaken throughout the course of the business relationship and undertake reviews of existing records

Fill in the blanks

(0/0)

relevant person must apply enhanced customer due diligence and enhanced ongoing monitoring in addition to customer due diligence to manage and mitigate risks arising

Fill in the blanks

(0/0)

Enhanced CDD includes examining the background and purpose of the transaction, and Increasing the degree and nature of monitoring of the business relationship

Fill in the blanks

(0/0)

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