What screening should a law firm perform?
At minimum: identity verification of the client and any controllers / UBOs; sanctions screening of the client, UBOs, opposing parties in transactions, and any third parties to whom client funds are paid; PEP screening proportionate to risk; adverse media screening for higher-risk matters and transactional work; ongoing monitoring of the matter against changes to lists. Conveyancing and corporate-formation work warrants particular attention.
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