Introduction to the UK AML/CTF legal and regulatory framework for financial services

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

  • Introduction to the UK AML/CTF legal and regulatory framework for financial services
  • Overview
  • What is money laundering and terrorist financing?
  • Overview of the UK AML/CTF legal and regulatory framework for financial services
  • Money Laundering Regulations 2017, as amended (MLRs)
  • Scope of the MLRs
  • Statutory framework
  • Requirements of the MLRs
  • European guidance on AML/CTF relevant post-Brexit
  • POCA 2002, CFA 2017, and TA 2000
  • More...

Introduction to the UK AML/CTF legal and regulatory framework for financial services

This Practice Note focuses on the elements of the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) legal and regulatory framework as it applies to financial services firms, covering: the UK’s AML/CTF statutory framework, including retained EU legislation; the role of the FCA and relevant rules and guidance in the FCA Handbook; JMLSG Guidance and European Supervisory Guidance which remains relevant post-Brexit. It also sets out the role of key actors in the UK AML/CTF framework, and UK AML/CTF legislative proposals, action plans, and reforms post-Brexit.

Overview

The UK takes a risk-based approach to anti-money laundering (AML) and counter-terrorist financing (CTF)—it aims to focus supervisory and law enforcement resources on the areas of highest AML/CTF risk while aiming to avoid unnecessary burdens on business.

The UK requires not only the regulated financial services sector, but also certain non-financial businesses and professions such as accountants and lawyers, which are considered ‘gatekeepers’ to the financial system, to have policies, controls and procedures in place to manage the risks of money laundering (ML) and terrorist financing (TF). These policies, controls and procedures are set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, as amended (MLRs). The Proceeds of Crime Act 2002 (POCA 2002) criminalises the facilitation

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