Anti-Money Laundering · glossary
The bank account in which a law firm holds its clients’ money. Everything paid for a purchase passes through it. The SRA Accounts Rules let a firm use it only for its legal work, never as a bank. Matter Opening Checklist, paragraph 6 · Chapter 6 · see Source of funds
Explained in Chapter 6, Source of Funds and Source of Wealth Checks, of Anti-Money Laundering.
A firm’s client account is the bank account where it holds money that belongs to its clients. Everything paid for a purchase passes through it. Launderers like it, because money that comes out of a law firm looks clean.Read Chapter 6, Source of Funds and Source of Wealth Checks →
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