UK Money Laundering Regulations
United Kingdom
2017
AML/CFT
Overview
Key Obligations
- Perform customer due diligence (CDD) and enhanced due diligence (EDD) where applicable
- Identify and verify the beneficial owner of customers
- Maintain accurate records of customer identity and transactions
- Monitor transactions and report suspicious activity to the National Crime Agency (NCA)
- Appoint a nominated officer and establish internal controls and staff training
- Conduct a firm-wide money laundering risk assessment
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Related Regulations
FAQ
Who must comply with the UK Money Laundering Regulations?
Compliance is mandatory for banks, accountants, solicitors, estate agents, trust service providers, and cryptoasset exchange providers.
What is enhanced due diligence (EDD)?
EDD is required when dealing with high-risk customers, such as politically exposed persons (PEPs) or clients in high-risk jurisdictions.
Are crypto firms subject to these regulations?
Yes. Since January 2020, cryptoasset exchange providers and custodian wallet providers are regulated under these AML rules.
What are the penalties for non-compliance?
Breaches can result in civil penalties, criminal prosecution, and loss of authorization by the FCA or other supervisory bodies.