FT Adviser has published an article by Jonathan Fisher QC about the risks to individuals presented by anti-money laundering laws.
The article, ‘Your client’s fortune could be at risk’, details the duty on banks to conduct ongoing monitoring on customers’ source of funds pursuant to customer due diligence obligations. Jonathan provides incisive analysis on the possible repercussions of these requirements, which include a suspicious activity report to the NCA, investigation under an Unexplained Wealth Order or economic sanctions.
These risks demonstrate the reversed burden on individuals of proving the lawful source of their property.
The full article can be found here.