Money Laundering Regulations 2017—systems and controls map—law firms
Money Laundering Regulations 2017—systems and controls map—law firms

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

  • Money Laundering Regulations 2017—systems and controls map—law firms
  • General policies, controls and procedures
  • Group level policies, controls and procedures
  • Specific internal controls
  • Client due diligence (CDD)
  • Enhanced due diligence, simplified due diligence and politically exposed persons
  • Reliance and record-keeping
  • 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.This Practice Note signposts relevant tools, guidance and precedents that you can use or adapt when developing systems and controls to mitigate and manage effectively the risks of money laundering and terrorist financing as required by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692. The MLR 2017 came into force on 26 June 2017.

General policies, controls and procedures

Required policy, control or procedure Relevant Practice Notes in LexisNexis® Relevant precedents in LexisNexis®
Written record of:
—policies, controls and procedures
—changes to policies etc
—steps to communicate policies etc or any changes to them within your business
Reg 19(1)(c)
Money Laundering Regulations 2017—systems and controls