Overview of the UK and EU anti-money laundering and counter-terrorist financing regulatory regimes
Overview of the UK and EU anti-money laundering and counter-terrorist financing regulatory regimes

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Overview of the UK and EU anti-money laundering and counter-terrorist financing regulatory regimes
  • Elements of the anti-money laundering (AML) regulatory regimes
  • European legislative framework
  • Money Laundering Regulations (MLRs)
  • Proceeds of Crime Act 2002, the Criminal Finances Act 2017 and proposed reform of the SARs regime
  • Sanctions and Anti-Money Laundering Act 2018
  • Joint Money Laundering Steering Group
  • UK government guidance
  • FCA
  • Office for Professional Body Anti-Money Laundering Supervision
  • More...

This Practice Note provides a guide to the elements of the European and UK anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory regime as they apply to regulated financial services firms, covering the Fourth Money Laundering Directive (MLD4); the Fifth Money Laundering Directive (MLD5); the UK and EU Wire Transfer Regulations; the 2017 Money Laundering Regulations, as amended (MLRs); the Proceeds of Crime Act 2002 (POCA 2002); the Criminal Finances Act 2017 (CFA 2017); the Sanctions and Anti-money Laundering Act 2018 (SAMLA 2018); European and UK legislative proposals on AML/CTF; European Supervisory Guidance on AML/CTF; Joint Money Laundering Steering Group (JMLSG) Guidance; the requirements in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook which are relevant to AML/CTF; FCA guidance; the Office for Professional Body Anti-Money Laundering Supervision (OPBAS); the Financial Action Task Force (FATF). For information on the impact of Brexit, see Practice Note: Impact of Brexit: AML and CTF regime—quick guide.

Elements of the anti-money laundering (AML) regulatory regimes

European legislative framework

The principal EU legislative measures on anti-money laundering (AML) and counter-terrorist financing (CTF) are:

  1. the Fourth Money Laundering Directive (EU) 2015/849 (MLD4), which became effective on 25 June 2015—the final date for implementation of MLD4 by Member States was 26 June 2017, and

  2. the Second Wire Transfer Regulation (EU) 2015/847 (OJ-L 141/001) (EU WTR2), which

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