The following Risk & Compliance guidance note provides comprehensive and up to date legal information covering:
This Practice Note explains the offences, penalties and enforcement provisions contained in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 which came into force on 26 June 2017, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 from 10 January 2020. It provides guidance which is of general application. You should check whether the MLR 2017 contain additional or varied provisions for your sector in relation to enforcement, offences and penalties.
The MLR 2017 impose a duty on supervisory authorities to effectively monitor relevant persons and take necessary steps to ensure compliance by those they regulate.
Part 9 of the MLR 2017 identifies 'relevant requirements' and creates powers to impose civil penalties on any person who contravenes a relevant requirement as well as creating criminal offences where a relevant requirement is contravened.
The following table sets out the relevant requirements, to which civil and/or criminal penalties may attach, that apply generally (ie it does not contain relevant requirements which apply only to, eg FCA-regulated entities), and identifies help available on Lexis®PSL.
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