Text for CQS CPMS Policy
CQS Policy: Chinese underground banking and funds from China
Purchase this policy: Anti-Money Laundering Policy
- Change date
- 07/06/2023
- Word count
- 1,582
- Deployment measure
- 7/10
Rationale
It is important that firms now update their policies to take into account the risks concerning Chinese funds and underground banking. Lawyers must satisfy themselves that they have complied with their legal/regulatory obligations under the MLRs
You may come across conveyancing matters where the client’s money comes from abroad. In some situations, this funding might have entered the legitimate economy through informal value transfer systems (IVTS) that do not use the conventional banking system and/or
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