Infolegal
Infolegal Compliance Bulletin 100 - October 2020

Registering Beneficial Interests and the Trust Registration Service

Not much has been said about the the Money Laundering and Terrorist Financing (Amendment)(UK Exit) Regulations 2020 which come into effect when the transition period for the UK leaving the EU comes to an end on 1st January.

For the most part they contain a number of minor amendments that will be of no great concern to firms in practice and there are certain legislative provisions and definitions that are required as a result of the UK giving up its EU member status and some minor drafting anomalies have been corrected.

However, there is one area of some significance which will be important to those firms providing private client services in particular. These changes relate to the Trust Registration Service – the means by which certain of those holding beneficial interests in trusts are required to be registered for inspection by those with a legitimate interest in all such information, and as administered by the HMRC.

In this article we look at the requirement for registration as well as considering discrepancies in the PSC register at Companies House.

Money Laundering Compliance

We are updating our AML training videos.  In place of the "Money Laundering for Fee Earners" and "AML 2020 Update" videos, we are in the process of producing two replacement videos.  These are:
  • "Complying with the Regulations" - in which we examine the obligations that apply to those firms that undertake regulated work as defined by r.12 of the regulations, and

  • "The Main Money Laundering Offences" - covering the definition of money laundering and the application of the main offences, why an NCA report might be required and the processes involved, other practical steps to manage cases of apparent money laundering and what can and cannot be said in the light of the risk of tipping off.
The video "Money Laundering for Support Staff" remains unchanged.  The new videos will be available by 30th October.

Other News

JLD welcomes SDT mental ill-health decision


The JLD has welcomed the SDT decision in the case of Susan Helen Orton that her mental ill-health represented exceptional circumstances which warranted a suspension instead of a strike-off and hopes it continues to be as conscious of the significant impact of such issues in future determinations.

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LawCare launches ‘Life in the Law’ study


To help it better to understand the day to day realities of life in the law LawCare, the legal mental health charity, has announced a new research initiative that will form the basis of an academic paper to be published in 2021. Those who wish to take part in the study need to complete a questionnaire.

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Legal Services Board Research Highlights Key Public Priorities


New research commissioned by the Legal Services Board (LSB) to inform the development of a new strategy for legal services has highlighted key priorities the public say should be addressed to widen access to legal services and maintain high standards.

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Encouraging Transparency Report


The Solicitors Regulation Authority have published a report showing that transparency of fee information and the availability of more online information about solicitors and law firms is already making a difference as people start use it to help with decisions about accessing legal services.

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