The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:
This Practice Note sets out the scope and application of 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 from 10 January 2020 by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511.
The MLR 2017 repealed and replaced the Money Laundering Regulations 2007 (the 2007 Regulations) and implemented the Fourth EU Money Laundering Directive in the UK. They set administrative requirements for the anti-money laundering (AML) regime within the regulated sector and outline the scope of customer due diligence. The MLR 2017 aim to prevent the use of professional services for money laundering by requiring professionals to know their customers and monitor the use of their services by customers.
The MLR 2017 apply to:
relevant persons, ie:
cryptoasset exchange providers
custodian wallet providers
auditors, insolvency practitioners, external accountants and tax advisers
independent legal professionals
trust or company service providers
estate agents and letting agents
high value dealers
art market participants
acting in the course of business carried on by them in the UK
who do not benefit from one of the very narrowly-drawn exclusions in Regulation 15
The following definitions apply:
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