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CELE SQE1 模拟练习

Examination Timing: 00H00M01S

Ms. Collins, a solicitor in a law firm, has received a phone call from Mr. Reed, the managing director of a new client, TechSolutions Ltd, a private limited company incorporated in the UK. Mr. Reed wants to know why the solicitor’s firm is asking for documents to verify the identity of the company’s shareholder. The company's shareholder lives in Brazil and owns the entire shareholding of the company. Which of the following responses best explains the advice the solicitor should give to the managing director?

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Under the Money Laundering Regulations 2017, solicitors are required to carry out customer due diligence (CDD) measures, which include identifying and verifying the identity of beneficial owners of a company. A beneficial owner is defined as any individual who owns or controls more than 25% of the shares or voting rights in the company. In this case, the shareholder of TechSolutions Ltd owns the entire shareholding, which clearly exceeds the 25% threshold. Therefore, the solicitor must identify and verify the identity of the shareholder to comply with anti-money laundering (AML) regulations. 

Key Point: The Money Laundering Regulations 2017 mandate solicitors to perform due diligence on beneficial owners, specifically those holding more than 25% of a company’s shares. This requirement is essential for preventing money laundering and ensuring that the firm has adequate knowledge of the client’s ownership structure.



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