Money Laundering Regulations 2017

Regulatory Updates | 17/07/17

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) (SI 2017/692) have been published and came into force on 26 June 2017. The legislation is available from the UK legislation website.

The MLRs 2017 update the UK Anti Money Laundering regime and transpose the EU’s 4th Money Laundering Directive.

The work across government to strengthen UK defences and deliver on the 2016 Action Plan for anti-money laundering and counter-terrorist finance also includes the Criminal Finances Act 2017, which, from September 2017,will give law enforcement further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism.

The FCA has published a new webpage on who this requirement applies to and how to comply with it and have provided information on the notification requirements in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) for persons authorised under the Financial Services and Markets Act 2000 (FSMA).

We have been asked by the FCA to distribute among our members a briefing document which provides details on specific areas that the FCA want to highlight about the MLRs. The link for this is below:

BRIEFING DOCUMENT +