These Regulations matter if a business is in a regulated sector or handles higher-risk customers, funds, property, crypto, trust, company or professional-services work. The practical work is customer due diligence, risk assessment, monitoring, staff training and evidence that the business actually follows its controls.
Main laws
United Kingdom Regulation
Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
The 2017 Money Laundering Regulations set UK AML/CTF obligations for regulated businesses.
In forceUnited KingdomPlain-English guide4 practical checks
Plain-English explainers, not legal advice. Use the linked official source for section-level detail, and get advice for your situation.
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Quick read
- These Regulations matter if a business is in a regulated sector or handles higher-risk customers, funds, property, crypto, trust, company or professional-services work.
- The practical work is customer due diligence, risk assessment, monitoring, staff training and evidence that the business actually follows its controls.
Likely relevant if
- Regulated financial and professional services businesses
- Property, trust and company-service providers
- Cryptoasset and high-value payment businesses
Check first
- Maintain a business-wide AML risk assessment
- Carry out customer due diligence and enhanced checks where required
- Monitor transactions and keep AML records
What this means in practice
Key points
- AML compliance is not just collecting ID.
- Risk ratings should affect the level of checking and monitoring.
- Customer onboarding tools need legal review before scaling.
When this law usually matters
Most businesses do not need to memorise the whole law. The useful starting point is to know when it is likely to affect a contract, customer journey, employee process, data flow or company decision.
Key points
- Regulated financial and professional services businesses
- Property, trust and company-service providers
- Cryptoasset and high-value payment businesses
- Businesses onboarding higher-risk customers
What to check first
Sense check
- Maintain a business-wide AML risk assessment
- Carry out customer due diligence and enhanced checks where required
- Monitor transactions and keep AML records
- Train staff and escalate suspicious activity appropriately
Documents and workflows to review
Key points
- AML policy
- Customer due diligence checklist
- Risk assessment
- Suspicious activity escalation process
- Training records