UK banks may be required to ask for more detailed information on solicitors' clients due to new AML (anti-money laundering) rules.
By PAUL O’DONOGHUE, Senior Correspondent
UK banks may be required to ask for more detailed information on solicitors’ clients due to new AML (anti-money laundering) rules, lawyers have warned.
A new government consultation suggests changing rules around pooled client accounts (PCAs). PCAs are single bank accounts managed by a professional firm, such as a solicitor, to hold the funds of multiple clients.
Disclaimer
This article is intended for general information purposes only and does not constitute legal advice. For advice specific to your situation, please contact our team at T & M Legis for a consultation with our Legal Experts.
