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 Development, see ND.2064.     

The Money Laundering and Transfer of Funds      (Information) (Amendment) (EU Exit) Regulations, SI 2019/253, came into force on      31 January 2020, the date on which the UK left the EU (see A2.201). The purpose of these Regulations      was to address failures of retained EU law to operate effectively and other      deficiencies arising from the UK's withdrawal from the EU, ensuring that the      legislation continues to operate effectively. These amend the Money Laundering,      Terrorist Financing and Transfer of Funds (Information on the Payer)      Regulations, SI 2017/692 which came into force on 26 June 2017 (the '2017      Regulations'), and which replaced 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

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