UK Money Laundering Regulations
United Kingdom
2017
AML/CFT
Overview
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, commonly referred to as the UK Money Laundering Regulations, form the core AML/CFT framework in the United Kingdom. Enacted to align with the EU's Fourth and Fifth Anti-Money Laundering Directives, these regulations remain in force post-Brexit, with periodic amendments by HM Treasury.They set out obligations for banks, financial institutions, estate agents, accountants, legal professionals, cryptoasset businesses, and other regulated entities to prevent, detect, and report money laundering and terrorist financing.
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
FAQ
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