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Money laundering - letters of engagement |
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The Law Society’s Money Laundering Task Force has recently updated
its advice to law firms, and issued new approved wording for use in client
care letters or terms of engagement.
Three specimen versions have
been provided, all of which allow the wording to be adapted, if
necessary, with information about a firm’s limit on the acceptance of
cash, and its policy on sending funds to third parties. Solicitors can also
add a warning that clients may be charged extra costs for depositing
funds directly into their bank account without following the proper
procedures. The new wording can be accessed on the Law Society
website (anti-money laundering; draft paragraphs for client care letters).
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July 2007 |
