Commentary

A7.115 Money Laundering Regulations—general

Administration and compliance

A7.115 Money Laundering Regulations—general

The Money Laundering Regulations

A7.115 Money Laundering Regulations—general

For the latest New Developments, see ND.1384, ND.1459, ND.1880, ND.1926.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 came into force on 26 June 2017 (the '2017 Regulations'), replacing the Money Laundering Regulations, SI 2007/2157 and the Transfer of Funds (Information on the Payer) Regulations, SI 2007/3298. SI 2017/692 has subsequently been amended by The Money Laundering and Terrorist Financing (Amendment) Regulations, SI 2019/1511 to implement the changes made by the EU's fifth Anti-Money Laundering Directive (2018/843/EU).

The 2017 Regulations apply to the following 'relevant persons' acting in the course of business carried on by them in the UK (subject to the exclusions set out below)1:

  1.  

    •     credit institutions

  2.  

    •     financial institutions

  3.  

    •     auditors, insolvency practitioners, external accountants and tax advisers

  4.  

    •     independent legal professionals

  5.  

    •     trust or company service providers

  6.  

    •     estate agents and letting agents

  7.  

    •     high value dealers

  8.  

    •     casinos

  9.  

    •     art market participants

  10.  

    •     cryptoasset exchange providers

  11.  

    •     custodian wallet providers, and

  12.  

    •     (in respect of certain regulations only) auction platforms

The exclusions are set out in regulation 15 (see A7.118).

The scope of the regulations (albeit the 2007 regulations that have now been revoked) and what constitutes a 'tax

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