This Practice Note provides a detailed introduction to the elements of the UK’s anti-money laundering (AML), counter-terrorist financing (CTF) and countering proliferation financing (CPF) legal and regulatory framework as it applies to financial services firms. It provides an overview of:

1. •

   money laundering (ML), terrorist financing (TF) and proliferation financing (PF)

2. •

   the AML/CTF/CPF framework for financial services including the role of the Financial Conduct Authority (FCA)

3. •

   the UK’s AML/CTF statutory framework

4. •

   relevant rules and guidance in the FCA Handbook

5. •

   Joint Money Laundering Steering Guide (JMLSG) Guidance

6. •

   the role of a firm’s Money Laundering Reporting Officer (MLRO)

7. •

   FCA reporting requirements for AML/CTF: REP-CRIM

8. •

   the Economic Crime (Anti-Money Laundering Levy)

9. •

   an overview of key actors in the UK AML/CTF framework for financial services

10. •

    UK AML/CTF legislative proposals, action plans, and reforms relevant to financial services

For information on FCA AML/CTF supervisory priority areas and sectors, common breaches of AML/CTF requirements and subsequent FCA enforcement action and prosecutions, see Practice Note: Introduction