Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—a summary
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—a summary

The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:

  • Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—a summary
  • Application
  • Risk assessment
  • Policies, controls and procedures
  • Customer due diligence
  • Beneficial ownership
  • Reporting discrepancies in beneficial ownership information
  • Enhanced due diligence
  • Simplified due diligence
  • Regular due diligence
  • More...

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 form part of the UK’s overall anti-money laundering (AML) and counter-terrorist financing (CTF) regime. They came into force on 26 June 2017. The MLR 2017 set administrative requirements which run parallel to the criminal element of the AML and CTF regime contained in the Proceeds of Crime Act 2002 (POCA 2002) and the Terrorism Act 2000 (TA 2000). There is some overlap with this legislation.

The MLR 2017 have been amended since implementation to address developing requirements in Europe before Brexit and Brexit itself (eg through the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, and the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, SI 2020/991). This Practice Note reflects the amended MLR 2017.

For more on the POCA 2002 and the TA 2000, see Practice Notes: Proceeds of Crime Act 2002 and Counter-terrorist financing—key information for businesses.

Application

The MLR 2017 apply to relevant persons acting in the course of business in the UK. Relevant persons are:

  1. credit institutions

  2. financial institutions

  3. cryptoasset exchange providers

  4. custodian wallet providers

  5. auditors, insolvency practitioners, external accountants and tax advisers

  6. independent legal professionals

  7. trust or company service providers

  8. estate agents and letting agents

  9. high value dealers

  10. casinos

  11. auction platforms

  12. art market participants

If you only provide services that do

Popular documents