The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, include requirements relating to staff training and awareness, which are compulsory for firms caught by the MLR 2017 (relevant persons). Even if the requirements of the MLR 2017 do not apply to your firm, your partners and staff remain subject to the principal money laundering offences under the Proceeds of Crime Act 2002 (POCA 2002) and the terrorist financing offences under the Terrorism Act 2000 (TA 2000). POCA 2002 does not impose a general duty on private individuals outside the regulated sector to report suspected money laundering, although disclosure may be necessary to obtain a defence before carrying out an act that would otherwise constitute a money laundering offence. Separate reporting obligations may arise under TA 2000. The SRA requires you to ensure your managers and staff are competent to carry out their role, and keep their professional knowledge and skills, as well as understanding of their legal, ethical and regulatory

This Practice Note explains the regulatory requirement to implement systems and controls to mitigate and manage effectively the risks of money laundering, terrorist financing and proliferation financing as set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It provides guidance which is of general application. You should check whether the MLR 2017 contain additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to systems and controls. Is it mandatory to implement systems and controls under the MLR 2017? If the MLR 2017 apply to your organisation, you must: • establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering, terrorist financing and proliferation financing identified in your risk assessment—see Precedent: Money laundering, terrorist financing and proliferation financing organisation-wide risk assessment • regularly review and update those policies, controls and procedures • maintain a written record of: ◦ those policies, controls

This Practice Note explains the regulatory requirement to implement systems and controls to mitigate and manage effectively the risks of money laundering, terrorist financing and proliferation financing as set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Is it mandatory to implement systems and controls under the MLR 2017? If the MLR 2017 apply to your firm, you must: • establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering, terrorist financing and proliferation financing identified in your firm-wide risk assessment (FWRA) • regularly review and update those policies, controls and procedures • maintain a written record of: ◦ those policies, controls and procedures—see Precedent: Register of AML, CTF and counter-proliferation financing policies, plans and procedures ◦ any changes to those policies, controls and procedures ◦ the steps taken to communicate those policies, controls and procedures or any changes to them within your firm For

For private individuals, complete section: 1. For corporate entities, complete section: 2. 1 General details of client (private individual) Full name [Insert name] Current address [Insert address] Previous address if address changed in last [six months] [Insert address] Date of birth [Insert date of birth] Level of CDD you have applied (eg simplified, regular or enhanced due diligence) ☐ Regular due diligence☐ Simplified due diligence—please refer to your contact—reliance is not permitted where simplified diligence is applied☐ Enhanced due diligence Description of CDD documentation obtained and verification undertaken [Insert details] Continue to section: 3 2 General details

Third party reliance register . This Precedent Third party reliance register can be used to record details of third parties on which you rely for client due diligence (CDD) purposes, and third parties which rely on you for these purposes. For guidance on the requirements relating to reliance on third parties under the Money Laundering,

This Practice Note explains the offences, penalties and enforcement provisions contained in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. The MLR 2017 impose a duty on supervisory authorities to effectively monitor relevant persons and take necessary steps to ensure compliance by those they regulate. Part 9 of the MLR 2017 identifies 'relevant requirements' and creates powers to impose civil penalties on any person who contravenes a relevant requirement as well as creating criminal offences where a relevant requirement is contravened. Relevant requirements The following table sets out the relevant requirements, to which civil and/or criminal penalties may attach, that apply to commercial organisations including law firms, and identifies help available in LexisNexis®. It does not contain relevant requirements which apply only to specific businesses, eg cryptoasset businesses and other FCA-regulated entities. Relevant requirement Help available on LexisNexis® 18 and 18A—Risk assessment See subtopic: Risk assessment, or for law firms, Risk assessment—law firms. 19 and 19A—Policies, controls and procedures20—Group

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), counter-terrorist financing (CTF) and counter-proliferation financing regime. The MLR 2017 set administrative requirements which run parallel to the criminal element of the AML, CTF and counter-proliferation financing regime contained in the Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and various sanctions measures. There is some overlap with this legislation. The MLR 2017 have been amended a number of times since coming into force in June 2017. This Practice Note reflects the amended MLR 2017. For more on POCA 2002, TA 2000 and counter-proliferation financing, see Practice Notes: Proceeds of Crime Act 2002—key information for law firms, Counter-terrorist financing—key information for law firms and Counter-proliferation financing—CPF—the basics. Application The MLR 2017 apply to relevant persons acting in the course of business in the UK. Relevant persons are: • credit institutions

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), counter-terrorist financing (CTF) and counter-proliferation financing regime, as amended. The MLR 2017 set administrative requirements which run parallel to the criminal element of the AML, CTF and counter-proliferation financing regime contained in the Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and various sanction measures. There is some overlap with this legislation. The MLR 2017 have been amended a number of times since coming into force in June 2017. This Practice Note reflects the amended MLR 2017. For more on POCA 2002, TA 2000 and counter-proliferation financing, see Practice Notes: Proceeds of Crime Act 2002, Counter-terrorist financing—key information for businesses and Counter-proliferation financing—CPF—the basics. Application The MLR 2017 apply to relevant persons acting in the course of business in the UK. Relevant persons are: • credit institutions

ARCHIVED: This Practice Note is archived and is no longer maintained. Following its work on shadow banking and investment funds, the European Commission identified a number of concerns about money market funds (MMFs). In response, the European Commission published the original proposal for a Regulation on Money Market Funds (MMF Regulation) in September 2013, following recommendations by the International Organization of Securities Commissions (IOSCO) and the Financial Stability Board (FSB). On 29 April 2015, the European Parliament voted on a set of amendments to the proposed MMF Regulation. The MMF Regulation was published in the Official Journal of the EU on 30 June 2017, and it entered into force on 21 July 2017. The MMF Regulation is designed to increase investor protection and to limit the risk that MMFs pose to the integrity and stability of financial markets. The MMF Regulation (Regulation (EU) 2017/1131) applies to MMFs established, managed or marketed in the European Union (EU), whether they are authorised as undertakings for the collective investment in transferable securities (Undertakings for Collective Investment in Transferable Securities (UCITS)

This Practice Note considers the position regarding the diligence of money attachment in Scotland. For guidance on: • other forms of diligence in Scottish civil procedure, see Practice Note: Enforcement in Scottish civil litigation which, in turn, links through to detailed guidance on a number of forms of diligence available in Scotland • the equivalent in England and Wales, see: Introduction to enforcement—overview which, as well as giving an overview of this topic, links through to more detailed guidance on various aspects of domestic enforcement in England and Wales • cross-border enforcement, see Practice Note: Cross-border enforcement—a guide for dispute resolution practitioners which, as well as giving an overview of this topic, links through to more detailed guidance on various aspects of cross-border enforcement In 2020, the Scottish Government began a policy review of diligence measures in Scotland and this led to the Bankruptcy and Diligence (Scotland) Act 2024, which received Royal Assent on 15 July 2024. See Practice Note: Enforcement in Scottish civil litigation—Methods of enforcement in Scotland

(1) For the purposes of this Part a money debt is a debt which— (a) falls to be settled— (i) by the payment of money, (ii) by the transfer of a right to settlement under a debt which is itself a money debt, or (iii) by the issue or transfer of any share in any company, (b) has at any time fallen to be so settled, or (c) may at the option of the debtor or the creditor fall to be so settled. (2) For the purposes of subsection (1) any option exercisable by either party to settle the debt in any other way than is mentioned in subsection (1)(a) is ignored. (3) A money debt is a debt arising from a transaction for the lending of money for the purposes of this Part if an instrument is issued by any person for the purpose of representing— (a) security for the debt, or (b) the rights of a creditor in respect of the debt. (4) A debt does not arise from a transaction for the lending of money for the purposes of this Part so far as it arises from rights conferred by shares in a company. (5) But see the following provisions (as a result of which some such rights are within this Chapter)—

Zdenek Kamaryt, 38, was arrested at Heathrow Airport on 8 November 2020 after attempting to board a flight to Dubai with three checked in suitcases full of cash. A further £50,000 was found on his person. On 9 March 2021, an Isleworth Crown Court Judge sentenced him to 26 months in prison. The cash will be seized under Proceeds of Crime Act 2002.