Anti-Money Laundering Policy

MID Legal Limited is committed to preventing money laundering and the financing of terrorism. This policy summarises the measures we take to comply with our legal and regulatory obligations. We are authorised and regulated by the Solicitors Regulation Authority (SRA No. 8015144).

Our Legal Obligations

As a firm carrying out regulated activities, we are subject to the Proceeds of Crime Act 2002, the Terrorism Act 2000, and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. We also follow the guidance issued by the Legal Sector Affinity Group and our regulator. Failure to comply with these obligations is a criminal offence.

Client Due Diligence

Before we act on certain matters, we are required to verify your identity and, where relevant, the identity of any beneficial owners. We will ask you to provide documentary or electronic evidence of identity and address. We may also carry out electronic verification checks. We cannot proceed with a matter until satisfactory due diligence has been completed, and we are required to keep this information up to date throughout our relationship with you.

Source of Funds and Wealth

Where funds are involved in a transaction, we may need to establish and verify the source of those funds and, in some cases, your wider source of wealth. We may ask for supporting documents such as bank statements, payslips, or evidence relating to a gift, inheritance or sale of assets. We are unable to accept funds where we cannot satisfy ourselves as to their legitimate origin.

Cash Payments

We operate a policy of not accepting significant payments in cash. Attempts to circumvent this policy by depositing cash directly into our client account may lead us to make further enquiries and, where appropriate, a report to the relevant authorities.

Reporting Obligations

All members of our staff are required to report any knowledge or suspicion of money laundering to our nominated Money Laundering Reporting Officer (MLRO). Where appropriate, the MLRO will make a disclosure to the National Crime Agency. We are obliged by law to make such reports, and in certain circumstances we may be prohibited from telling you that a report has been made (the “tipping off” provisions). This may mean we are unable to act further on your matter for a period of time.

Record Keeping and Training

We keep records of the due diligence we carry out and of any reports made, in accordance with the applicable regulations. All relevant staff receive regular training on their anti-money laundering responsibilities, and our policies and procedures are reviewed periodically to ensure they remain effective and up to date.

Contact

If you have any questions about this policy or about the information we require from you, please contact us at info@midlegal.uk or 07448 478847.