AML/CTF checklist—Enhanced Due Diligence for financial services firms

Copyright © 2025 LexisNexis
Published by a LexisNexis Financial Services expert
Practice notes

AML/CTF checklist—Enhanced Due Diligence for financial services firms

Copyright © 2025 LexisNexis

Published by a LexisNexis Financial Services expert

Practice notes
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Lexis+® UK Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to present. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as references to the Upper Tribunal. The Database may also be searched by breaches of specific regulations in the MLRs and keywords such as ‘Anti-Money laundering (AML) systems and controls'.

This Checklist is for those Advising financial services firms on how to comply with the UK’s anti-money laundering (AML), counter-terrorist financing (CTF), and countering proliferation financing (CPF), legal and regulatory framework. This Checklist is one of a wider series addressing the requirements to conduct customer Due diligence (CDD), sometimes referred to as ‘Know your customer’ or ‘KYC’, set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs) and the associated guidance published by the Financial Conduct Authority

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Jurisdiction(s):
United Kingdom
Key definition:
Due diligence definition
What does Due diligence mean?

Due diligence means that all reasonable precautions were taken and all due diligence was exercised to avoid the commission of the offence. This requires the defendant to produce evidence of the system and procedures it has devised in an effort to avoid unfair practices.

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