The following Financial Services Q&A provides comprehensive and up to date legal information covering:
The principal UK requirements on anti-money laundering and know your customer checks—usually referred to as customer due diligence or CDD—at present are:
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 SI 2017/692 (2017 MLRs), which implement the Fourth Money Laundering Directive (EU) 2015/849 (MLD4) in the UK, and
Chapter 6.3 of the Senior Management Arrangements, Systems and Controls sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 6.3)
The 2017 MLRs apply to:
auditors, insolvency practitioners, external accountants and tax advisers
independent legal professionals
trust or company service providers
high value dealers (ie a trader in goods who makes or receives, in respect of any transactio
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