UK: LAWYER FINED FOR FAILING TO IDENTIFY PANAMA PAPER CLIENTS’ PEP STATUS

On 21st January, Today’s Conveyancer reported that Khalid Mohammed Sharif, partner at London private client firm, Child & Child, was fined £45,000 by the Solicitors Disciplinary Tribunal (SDT)for failing to carry out adequate due diligence on wealthy foreign clients that were politically exposed persons (PEP). Additionally, Sharif was ordered to pay costs totalling £40,000.  Sharif failed to make the necessary associations between the president of Azerbaijan and his daughters, whom he was instructed by to complete 2 property purchases.

https://www.todaysconveyancer.co.uk/main-news/lawyer-fined-failing-identify-panama-paper-clients-pep-status/

https://www.acfcs.org/news/434778/UK-tribunal-fines-solicitor-AML-officer-45000-pounds-for-lax-PEP-CDD-in-case-tied-to-Panama-Papers.htm

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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