Money Laundering Regulations 2017—record keeping—law firms
Money Laundering Regulations 2017—record keeping—law firms

The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:

  • Money Laundering Regulations 2017—record keeping—law firms
  • Records you must keep
  • Records you should consider keeping
  • Form and location of records
  • Data protection

Forthcoming changes: The UK has voted to leave the EU and this will take place on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018. This has implications for law firms. This Practice Note is likely to be affected. It will be updated as and when relevant implementing legislation is published. For more on Brexit, see Practice Notes: Brexit—anti-money laundering and counter-terrorist financing—law firms and Preparing for Brexit—key considerations and action planning—law firms.

Law firms are subject to general professional and regulatory obligations in relation to record keeping simply by virtue of being both a business in the UK and regulated by the SRA. Firms are also under additional and separate record keeping obligations under the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. This Practice Note explains the regulatory requirements relating to AML and CTF record keeping as set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692. Separate subtopic: Information management and security discusses more general record keeping obligations.

If you are subject to the MLR 2017, you must establish and maintain appropriate and risk-sensitive policies and procedures relating to record keeping (see Practice Note: Money Laundering Regulations 2017—scope and application—law firms for guidance on whether you are subject to the MLR 2017).

Record keeping