Legal Services III: Overriding Legal Obligations
Description
An overview of overriding legal obligations for solicitors in the UK, focusing heavily on Anti-Money Laundering (AML) regulations and the Equality Act 2010, alongside the framework for Financial Services regulation. The first source details the nine protected characteristics under the Equality Act and defines various forms of discrimination, including direct and indirect discrimination. The second source explains the three stages of money laundering, sets out the requirements of the Proceeds of Crime Act 2002 (POCA)—including direct and non-direct involvement offences—and outlines solicitors' duties for reporting suspicious activity and conducting Customer Due Diligence (CDD). Finally, the third source discusses the Financial Services and Markets Act 2000 (FSMA), detailing the need for authorization from bodies like the FCA and the key exemptions that permit legal firms to carry out limited, incidental financial activities under the SRA's regulation.
United States
