Is the anti-money laundering regime too vague? In this week’s NLJ, Jonathan Fisher KC, Red Lion Chambers, looks at two recent cases involving solicitors where the standards applied were assessed according to whether they were ‘adequate’ or ‘appropriate’.
‘The use of these two adjectives when setting the standard for AML compliance is confusing for regulators and the regulated alike,’ Fisher writes.
He notes that judges have recognised the difficult situation facing solicitors, who must make a judgement on the basis of non-specific criteria. Time for change?
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