The following Financial Services Q&A provides comprehensive and up to date legal information covering:
The Money Laundering Regulations 2007, SI 2007/2157 (MLRs 2007) apply to the following legal or natural persons acting in the course of business carried on by them in the UK as defined in MLR 2007, SI 2007/2157, reg 3:
auditors, insolvency practitioners, external accountants and tax advisers
independent legal professionals
trust or company service providers
high value dealers
MLR 2007, SI 2007/2157, reg 4 outlines exclusions to the rule and discusses a range of persons and activities. It may also be useful to view Practice Note: The anti-money laundering regime for further insight.
As required by MLR 2007, SI 2007/2157, reg 7(1), a relevant person must apply customer due diligence measures (sometimes known as KYC checks) when he:
establishes a business relationship
carries out an occasional transaction
suspects money laundering or terrorist financing
doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identific
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