{"id":10891,"date":"2026-03-03T10:56:16","date_gmt":"2026-03-03T10:56:16","guid":{"rendered":"https:\/\/www.amlcc.com\/?p=10891"},"modified":"2026-02-27T10:57:26","modified_gmt":"2026-02-27T10:57:26","slug":"what-are-the-uks-money-laundering-regulations-2017","status":"publish","type":"post","link":"https:\/\/www.amlcc.com\/bhs\/what-are-the-uks-money-laundering-regulations-2017\/","title":{"rendered":"What are the UK\u2019s Money Laundering Regulations 2017?"},"content":{"rendered":"\n<div class=\"wp-block-uagb-container uagb-block-8cdf7575 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\"><h1 style=\"margin-top:0;margin-bottom:0\" class=\"wp-block-post-title\">What are the UK\u2019s Money Laundering Regulations 2017?<\/h1>\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-4293da6b uagb-infobox__content-wrap  uagb-infobox-icon-left-title uagb-infobox-left uagb-infobox-image-valign-middle\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-left-title-image\"><div class=\"uagb-ifb-image-content\"><img decoding=\"async\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2024\/09\/Richard-Simms-AMLCC-956x1024.png\" alt=\"Richard Simms\" width=\"80\" height=\"85\" loading=\"lazy\"\/><\/div><div class=\"uagb-ifb-title-wrap\"><span class=\"uagb-ifb-title-prefix\">Richard Simms<\/span><h3 class=\"uagb-ifb-title\">Director and Founder of AMLCC and AMLCC Consult<\/h3><\/div><\/div><\/div><\/div>\n\n\n<figure style=\"aspect-ratio:16\/9;height:480px\" class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"What are the UK\u2019s Money Laundering Regulations 2017?\" style=\"width:100%;height:100%;object-fit:cover;\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-scaled.jpg 2560w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-300x200.jpg 300w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-1024x683.jpg 1024w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-768x512.jpg 768w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-1536x1024.jpg 1536w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2026\/02\/pexels-rdne-7821702-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-f4715dae alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-f9c6201f\">\n<p class=\"wp-block-paragraph\">The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) are the UK\u2019s core legal framework requiring certain businesses, including accountants, legal professionals, TCSPs, property businesses and high-value dealers, to actively prevent money laundering, terrorist financing and proliferation financing within their work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They do this by requiring firms to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Train all staff and agents;<\/li>\n\n\n\n<li>assess money laundering, terrorist financing and proliferation financing\u00a0risk for both the business and all clients;<\/li>\n\n\n\n<li>identify and verify clients and beneficial owners;<\/li>\n\n\n\n<li>monitor transactions and client relationships;<\/li>\n\n\n\n<li>keep records;<\/li>\n\n\n\n<li>report and escalate suspicious activity concerns where required;<\/li>\n\n\n\n<li>operate internal controls and procedures; the AML policies, controls and procedures are a key part of this.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These are legal obligations, not guidance. They define what regulated firms must actually do in practice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They also support the UK\u2019s wider anti-money laundering regime, alongside the&nbsp;<a href=\"https:\/\/www.amlcc.com\/whats-the-proceeds-of-crime-act-2002\/\">Proceeds of Crime Act 2002<\/a>&nbsp;(POCA) and supervision by industry&nbsp;regulators.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong><strong><strong>Who do the MLRs apply to<\/strong><\/strong><\/strong><\/strong><\/strong>?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The MLRs apply to&nbsp;\u201crelevant persons\u201d, which include financial institutions and designated non-financial businesses and professions (DNFBPs) such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accountants and tax advisers<\/li>\n\n\n\n<li>Independent legal professionals (including solicitors, barristers and legal executives, when they assist with property transactions, company or trust work, or manage client money or assets)<\/li>\n\n\n\n<li>Estate agents and letting agents<\/li>\n\n\n\n<li>Trust and company service providers<\/li>\n\n\n\n<li>High-value dealers<\/li>\n\n\n\n<li>Art market participants<\/li>\n\n\n\n<li>Insolvency practitioners<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Being a&nbsp;\u201crelevant person\u201d means you are considered a gatekeeper to the financial system. The MLRs assume your services could be used to move, legitimise or conceal criminal funds.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It doesn\u2019t depend on firm size. A sole practitioner is just as obligated to follow the MLRs as a large multi-office business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The core obligation: take a risk-based approach<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At the centre of the MLRs is a legal requirement to assess and manage risk. Firms must:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>assess their exposure to\u00a0<a href=\"https:\/\/www.amlcc.com\/what-is-money-laundering\/\">money laundering<\/a>,\u00a0<a href=\"https:\/\/www.amlcc.com\/what-is-terrorist-financing\/\">terrorist financing<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.amlcc.com\/what-is-proliferation-financing\/\">proliferation financing<\/a>\u00a0risk;<\/li>\n\n\n\n<li>adopt policies, controls and procedures proportionate to their business;<\/li>\n\n\n\n<li>ensure those controls reflect their risk assessment.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This is why AML is described as risk-based. The MLRs do not prescribe identical actions in every case. Instead, they require firms to understand risk and apply appropriate controls.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong><strong>Customer due diligence<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Customer&nbsp;<a href=\"https:\/\/www.amlcc.com\/how-to-evidence-ongoing-customer-due-diligence-cdd\/\">due diligence<\/a>, often called CDD, is one of the most important legal requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MLRs require firms to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>identify the customer;<\/li>\n\n\n\n<li>verify their identity using reliable, independent information;<\/li>\n\n\n\n<li>understand the purpose and intended nature of the relationship;<\/li>\n\n\n\n<li>identify and verify beneficial owners;<\/li>\n\n\n\n<li>understand ownership and control structures;<\/li>\n\n\n\n<li>complete a detailed risk assessment on all clients.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This applies when:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>starting a business relationship;<\/li>\n\n\n\n<li>carrying out certain transactions;<\/li>\n\n\n\n<li>reviewing existing clients where risk changes.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Verification and the risk assessment must be carried out before the relationship starts or the transaction takes place.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Identifying beneficial owners<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Where a client is a company or trust or of a similar structure, the MLRs require firms to identify&nbsp;<a href=\"https:\/\/www.amlcc.com\/whats-a-beneficial-owner\/\">beneficial ownership<\/a>: this means the individual who ultimately owns or controls the entity. Firms must:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>identify beneficial owners;<\/li>\n\n\n\n<li>take all reasonable measures to verify their identity and document any issues experienced during the process;<\/li>\n\n\n\n<li>understand ownership and control structures.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Importantly, the MLRs make clear that firms cannot rely solely on Companies House PSC (<a href=\"https:\/\/www.amlcc.com\/what-are-persons-with-significant-control-pscs\/\">Persons of Significant Control<\/a>) register information. Additional verification is required. This reflects a key principle: AML responsibility sits with the regulated firm, not with public registers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ongoing monitoring<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Customer due diligence is not a one-off exercise. The MLRs require&nbsp;<a href=\"https:\/\/www.amlcc.com\/whats-ongoing-monitoring-of-a-client\/\">ongoing monitoring&nbsp;<\/a>of business relationships, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>reviewing transactions to ensure they match the firm\u2019s understanding of the client;<\/li>\n\n\n\n<li>keeping client information up to date;<\/li>\n\n\n\n<li>reviewing risk assessments when circumstances change or to the schedule documented in your PCPs.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This means AML continues throughout the client relationship rather than being limited to onboarding.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Enhanced due diligence for higher-risk situations<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Where risk is higher, firms must apply&nbsp;<a href=\"https:\/\/www.amlcc.com\/what-is-enhanced-due-diligence\/\">enhanced due diligence<\/a>. This generally applies where:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the client is connected to a high-risk country;<\/li>\n\n\n\n<li>the client is a politically exposed person;<\/li>\n\n\n\n<li>transactions are unusually large or complex;<\/li>\n\n\n\n<li>risk factors indicate increased exposure;<\/li>\n\n\n\n<li>there is suspicion of money laundering or terrorist financing, regardless of thresholds;<\/li>\n\n\n\n<li>there are doubts about previously obtained identification information.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Enhanced due diligence can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>obtaining more information about the client;<\/li>\n\n\n\n<li>understanding source of funds and source of wealth;<\/li>\n\n\n\n<li>obtaining senior management approval;<\/li>\n\n\n\n<li>increasing monitoring.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you can\u2019t complete due diligence, you can\u2019t proceed with the relationship or the transaction. At that point, you also need to consider whether the circumstances create suspicion.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MLRs require you to escalate concerns internally to your MLRO. If knowledge or suspicion of criminal property is formed, the reporting obligation arises under the POCA, and a suspicious activity report (SAR) may be required.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reporting suspicions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If concerns amount to knowledge or suspicion of criminal property, the reporting obligation is triggered under POCA. In practice, that means:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The individual must make an\u00a0<a href=\"https:\/\/www.amlcc.com\/whats-the-difference-between-a-sar-and-an-internal-escalation-report\/\">internal\u00a0escalation report<\/a>\u00a0to the\u00a0<a href=\"https:\/\/www.amlcc.com\/what-is-the-role-of-the-mlro\/\">MLRO<\/a>\u00a0as soon as possible.<\/li>\n\n\n\n<li>The MLRO acknowledges the internal SAR report and decides if an external report is appropriate.<\/li>\n\n\n\n<li>If it is, a\u00a0<a href=\"https:\/\/www.amlcc.com\/what-needs-to-be-in-a-sar\/\">SAR<\/a>\u00a0is submitted to the National Crime Agency.<\/li>\n\n\n\n<li>The decision, whether to report or not, is documented with clear reasoning.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">The MLRs support this by requiring that your business has clear internal reporting routes, an MLRO and staff who understand when to escalate concerns.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once a SAR has been submitted, or is being considered, the&nbsp;<a href=\"https:\/\/www.amlcc.com\/what-is-tipping-off\/\">tipping off<\/a>&nbsp;rules mean you must handle conversations with the client carefully, particularly where delays or additional checks arise.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Record-keeping requirements<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The MLRs expect you to keep a clear audit trail of what you did, when you did it and why, so that someone independent, like your supervisor, can pick up the file and understand your reasoning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That usually means retaining:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>identity and verification evidence for clients and relevant individuals;<\/li>\n\n\n\n<li>beneficial ownership details and how you checked them;<\/li>\n\n\n\n<li>business and client risk assessments and all updates;<\/li>\n\n\n\n<li>key transaction records linked to the work;<\/li>\n\n\n\n<li>internal SAR notes and any external reporting decisions.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In most cases, you keep these records for five years after the relationship ends or an occasional transaction completes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Internal controls and AML governance<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These should be built into how the business runs, with clear ownership and consistent ways of working. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a fully customised and documented business-wide risk assessment;<\/li>\n\n\n\n<li>fully customised AML policies, controls and procedures that reflect the actual risks identified in your business-wide risk assessment;<\/li>\n\n\n\n<li>nominated officer(s) responsible for everyday compliance and SAR reporting;<\/li>\n\n\n\n<li>training that keeps staff confident and up to date;<\/li>\n\n\n\n<li>internal reporting routes that staff can use quickly and safely;<\/li>\n\n\n\n<li>staff screening relevant to the role and the risk.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Supervisors tend to focus on whether these things work in practice. They\u2019ll want to see that people understand what to do, that risk assessments are kept live and that your policies match the reality of your client base and services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Supervision and enforcement<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Regulations are backed by active supervision. Depending on your sector, your supervisor may be a professional body or HMRC. They carry out inspections to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>monitor AML compliance;<\/li>\n\n\n\n<li>maintain registers of AML regulated firms;<\/li>\n\n\n\n<li>investigate AML breaches;<\/li>\n\n\n\n<li>impose civil penalties where required.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In practical terms, this means your AML framework has to stand up to independent scrutiny. Your documentation, reasoning and internal controls need to show clearly how you meet the legal requirements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong>Final thoughts<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In practice, the MLRs are aimed at making it harder for criminals to use legitimate professional services to move and clean money. They do that by pushing transparency around identity and control, and by requiring firms to apply a risk-based approach that adapts when things are higher risk or harder to understand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is why good due diligence goes beyond collecting documents. It helps you understand who you\u2019re dealing with, who benefits, where the money is coming from and whether the overall story makes sense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-7e2f0fec uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top has-ast-global-color-4-background-color\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\"><strong>Explore how AMLCC&#8217;s features can keep your business completely compliant<\/strong><\/p><div class=\"uagb-ifb-button-wrapper wp-block-button\"><a href=\"https:\/\/www.amlcc.com\/product-features\/training\/\" class=\"uagb-infobox-cta-link wp-block-button__link\" target=\"_self\" rel=\"noopener noreferrer\" onclick=\"return true;\"><span class=\"uagb-inline-editing\">Learn more<\/span><\/a><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container article-cta uag-hide-desktop uagb-block-f6be450a\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-69b8c097\"><h3 class=\"uagb-heading-text\">The one-stop AML solution<\/h3><\/div>\n\n\n\n<p class=\"has-ast-global-color-6-color has-text-color has-link-color wp-elements-ebdcd75c82448b1b24200aa26878c3fb wp-block-paragraph\" style=\"margin-top:0px;margin-bottom:0px;font-size:20px;line-height:1.3\">Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\" style=\"justify-content: center;\">\n<div class=\"wp-block-button is-style-fill\"><a href=\"\" class=\"wp-block-button__link wp-element-button demo-secondary\" onclick=\"Calendly.initPopupWidget({url: 'https:\/\/calendly.com\/lisa-jco\/amlcc-demo?hide_gdpr_banner=1&#038;primary_color=ff4f5b'});return false;\">Book now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uag-hide-desktop uagb-block-c5c14d25\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-a787415a\"><h3 class=\"uagb-heading-text\">We know AML<\/h3><\/div>\n\n\n\n<p class=\"has-ast-global-color-6-color has-text-color has-link-color wp-elements-b9d9651e7d805b3930e06c1a2fdeee6c wp-block-paragraph\" style=\"margin-top:0px;margin-bottom:0px;font-size:20px;line-height:1.3\">We\u2019re regulated professionals too. We know what you need to comply with the Regulations.<br><\/p>\n\n\n\n<div class=\"wp-block-uagb-icon-list uagb-block-cffcf54f\"><div class=\"uagb-icon-list__wrap\">\n<div class=\"wp-block-uagb-icon-list-child uagb-block-082e00ee\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n<div class=\"wp-block-uagb-icon-list-child uagb-block-ebce1a01\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">We work with most accountancy supervisors and the Law Society<\/span><\/div>\n\n\n\n<div class=\"wp-block-uagb-icon-list-child uagb-block-352e4894\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">Bespoke AML consultancy available for all sectors<\/span><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-fc153394\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-79a4148c wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.amlcc.com\/consult\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-99e38104\">\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-1daea5fd article-toc     \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tJump to:\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#who-do-the-mlrs-apply-to\" class=\"uagb-toc-link__trigger\">Who do the MLRs apply to?<\/a><li class=\"uagb-toc__list\"><a href=\"#the-core-obligation-take-a-risk-based-approach\" class=\"uagb-toc-link__trigger\">The core obligation: take a risk-based approach<\/a><li class=\"uagb-toc__list\"><a href=\"#customer-due-diligence\" class=\"uagb-toc-link__trigger\">Customer due diligence<\/a><li class=\"uagb-toc__list\"><a href=\"#identifying-beneficial-owners\" class=\"uagb-toc-link__trigger\">Identifying beneficial owners<\/a><li class=\"uagb-toc__list\"><a href=\"#ongoing-monitoring\" class=\"uagb-toc-link__trigger\">Ongoing monitoring<\/a><li class=\"uagb-toc__list\"><a href=\"#enhanced-due-diligence-for-higher-risk-situations\" class=\"uagb-toc-link__trigger\">Enhanced due diligence for higher-risk situations<\/a><li class=\"uagb-toc__list\"><a href=\"#reporting-suspicions\" class=\"uagb-toc-link__trigger\">Reporting suspicions<\/a><li class=\"uagb-toc__list\"><a href=\"#record-keeping-requirements\" class=\"uagb-toc-link__trigger\">Record-keeping requirements<\/a><li class=\"uagb-toc__list\"><a href=\"#internal-controls-and-aml-governance\" class=\"uagb-toc-link__trigger\">Internal controls and AML governance<\/a><li class=\"uagb-toc__list\"><a href=\"#supervision-and-enforcement\" class=\"uagb-toc-link__trigger\">Supervision and enforcement<\/a><li class=\"uagb-toc__list\"><a href=\"#final-thoughts\" class=\"uagb-toc-link__trigger\">Final thoughts<\/a><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<div class=\"wp-block-uagb-container article-cta uag-hide-tab uag-hide-mob uagb-block-9b41d3fe\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-28078d4a\"><h3 class=\"uagb-heading-text\">The one-stop AML solution<\/h3><\/div>\n\n\n\n<p class=\"has-ast-global-color-6-color has-text-color has-link-color wp-elements-5d272eb52ee2429e4d9aca3147f023ba wp-block-paragraph\" style=\"margin-top:0px;margin-bottom:0px;font-size:20px;line-height:1.3\">Educate your teams, improve efficiency and achieve AML compliance all in one place, using AMLCC. <\/p>\n\n\n\n<p class=\"has-ast-global-color-6-color has-text-color has-link-color wp-elements-1d59a108b13f9b62392e8e9a08c592ee wp-block-paragraph\" style=\"margin-top:0px;margin-bottom:0px;font-size:20px;line-height:1.3\">Talk to our experts about how we can help you secure your business.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\" style=\"justify-content: center;\">\n<div class=\"wp-block-button is-style-fill\"><a href=\"\" class=\"wp-block-button__link wp-element-button demo-secondary\" onclick=\"Calendly.initPopupWidget({url: 'https:\/\/calendly.com\/lisa-jco\/amlcc-demo?hide_gdpr_banner=1&#038;primary_color=ff4f5b'});return false;\">Book a demo<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"uagb-position__sticky wp-block-uagb-container uag-hide-tab uag-hide-mob uagb-block-353bcb12\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-45cdaeb7\"><h3 class=\"uagb-heading-text\">We know AML<\/h3><\/div>\n\n\n\n<p class=\"has-ast-global-color-6-color has-text-color has-link-color wp-elements-b9d9651e7d805b3930e06c1a2fdeee6c wp-block-paragraph\" style=\"margin-top:0px;margin-bottom:0px;font-size:20px;line-height:1.3\">We\u2019re regulated professionals too. We know what you need to comply with the Regulations.<br><\/p>\n\n\n\n<div class=\"wp-block-uagb-icon-list uagb-block-b41f0db0\"><div class=\"uagb-icon-list__wrap\">\n<div class=\"wp-block-uagb-icon-list-child uagb-block-333d0a11\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">We\u2019re internationally recognised AML experts<\/span><\/div>\n\n\n\n<div class=\"wp-block-uagb-icon-list-child uagb-block-b485c460\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">We work with most accountancy supervisors and the Law Society<\/span><\/div>\n\n\n\n<div class=\"wp-block-uagb-icon-list-child uagb-block-c0d2ec75\"><span class=\"uagb-icon-list__source-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path d=\"M0 256C0 114.6 114.6 0 256 0C397.4 0 512 114.6 512 256C512 397.4 397.4 512 256 512C114.6 512 0 397.4 0 256zM371.8 211.8C382.7 200.9 382.7 183.1 371.8 172.2C360.9 161.3 343.1 161.3 332.2 172.2L224 280.4L179.8 236.2C168.9 225.3 151.1 225.3 140.2 236.2C129.3 247.1 129.3 264.9 140.2 275.8L204.2 339.8C215.1 350.7 232.9 350.7 243.8 339.8L371.8 211.8z\"><\/path><\/svg><\/span><span class=\"uagb-icon-list__label\">Bespoke AML consultancy available for all sectors<\/span><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-27986e97\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-5e096d1b wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.amlcc.com\/consult\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container half-blue-desktop uagb-block-89ea4904 alignfull uagb-is-root-container\">\n<div class=\"wp-block-uagb-container uagb-block-fdab8534\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-52a83ed5\"><h3 class=\"uagb-heading-text\">What others have said<\/h3><\/div>\n\n\n\n<div class=\"wp-block-uagb-slider amlcc-testimonial-slider uagb-block-6c68dd50 uagb-slider-container\"><div class=\"uagb-slides uagb-swiper\"><div class=\"swiper-wrapper\">\n<div class=\"wp-block-uagb-slider-child uagb-slider-child-wrap swiper-slide uagb-block-b998a2d4\"><div class=\"swiper-content\">\n<div class=\"wp-block-uagb-container uagb-block-04f3c45e\">\n<div class=\"wp-block-uagb-container uagb-block-02c01de1\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-b215507c\"><h3 class=\"uagb-heading-text\">&#8220;We had the man from the ICAEW here yesterday to carry out a QAD practice review. We got a clean bill of health \u2013 not a single action point\u2026That is in no small measure due to AMLCC so I just wanted to say \u2018thank you\u2019&#8221;<\/h3><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-949a56df\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"812\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-1.jpg\" alt=\"\" class=\"wp-image-495\" style=\"aspect-ratio:3\/4;object-fit:contain;width:auto;height:382px\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-1.jpg 550w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-1-203x300.jpg 203w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-slider-child uagb-slider-child-wrap swiper-slide uagb-block-cc23ebfe\"><div class=\"swiper-content\">\n<div class=\"wp-block-uagb-container uagb-block-af8628f6\">\n<div class=\"wp-block-uagb-container uagb-block-9e1b5830\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-bdd14157\"><h3 class=\"uagb-heading-text\">&#8220;Thank you for such a perfect and informative [solution]. You have given me a clear direction for my AML training and CPD.&#8221;<br><\/h3><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-ef336e36\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"786\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-2.jpg\" alt=\"\" class=\"wp-image-496\" style=\"aspect-ratio:3\/4;object-fit:contain;width:auto;height:382px\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-2.jpg 550w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-2-210x300.jpg 210w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-slider-child uagb-slider-child-wrap swiper-slide uagb-block-040a7367\"><div class=\"swiper-content\">\n<div class=\"wp-block-uagb-container uagb-block-3b2e0080\">\n<div class=\"wp-block-uagb-container uagb-block-64ce7dad\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-3d47ccc6\"><h3 class=\"uagb-heading-text\">&#8220;I just wanted to say \u2018thank you\u2019 to you, Richard, and all the team at AMLCC for providing a service that really does minimise the burden of AML compliance.&#8221;<br><\/h3><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-e1d755c8\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"732\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-3.jpg\" alt=\"\" class=\"wp-image-494\" style=\"aspect-ratio:3\/4;object-fit:contain;width:auto;height:382px\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-3.jpg 550w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-3-225x300.jpg 225w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-slider-child uagb-slider-child-wrap swiper-slide uagb-block-403770d4\"><div class=\"swiper-content\">\n<div class=\"wp-block-uagb-container uagb-block-a0d5a66b\">\n<div class=\"wp-block-uagb-container uagb-block-a9b0dbd5\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-302585b3\"><h3 class=\"uagb-heading-text\">&#8220;What a refreshing pleasure working with a company who actually listens to the feedback from their customers and communicates with them!&#8221;<br><\/h3><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-64782dba\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"732\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-4.jpg\" alt=\"\" class=\"wp-image-497\" style=\"aspect-ratio:3\/4;object-fit:contain;width:auto;height:382px\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-4.jpg 550w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-4-225x300.jpg 225w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-slider-child uagb-slider-child-wrap swiper-slide uagb-block-9b9b7e36\"><div class=\"swiper-content\">\n<div class=\"wp-block-uagb-container uagb-block-3a9f75d3\">\n<div class=\"wp-block-uagb-container uagb-block-aa8435c0\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-afe45a8b\"><h3 class=\"uagb-heading-text\">&#8220;Your team they have been excellent from the moment Fiona did a demo for me with only 15 minutes notice, and thoroughly going through the AMLCC product, answering the many questions I had! It was at this point at which I made up my mind this is the sort of business I want to work with for my AML.&#8221;<br><\/h3><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-8f4648c6\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"550\" height=\"798\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-5.jpg\" alt=\"\" class=\"wp-image-498\" style=\"aspect-ratio:3\/4;object-fit:contain;width:auto;height:382px\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-5.jpg 550w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/testimonial-5-207x300.jpg 207w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div><div class=\"swiper-pagination\"><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-bd594624\">\n<div class=\"wp-block-uagb-advanced-heading uagb-block-deefd48d\"><h3 class=\"uagb-heading-text\">Making compliance easier<\/h3><\/div>\n\n\n\n<div class=\"wp-block-uagb-image aligncenter uagb-block-94cd8a56 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-center\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/image-22-1.png ,https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/image-22-1.png 780w, https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/image-22-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.amlcc.com\/wp-content\/uploads\/2023\/11\/image-22-1.png\" alt=\"AMLCC newsroom\" class=\"uag-image-1454\" width=\"700\" height=\"450\" title=\"image-22-1\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-d88e5ed5\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-762fbc5a wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"\/press\/\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">View more articles<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) are the UK\u2019s core legal framework requiring certain businesses, including accountants, legal professionals, TCSPs, property businesses and high-value dealers, to actively prevent money laundering, terrorist financing and proliferation financing within their work. They do this by requiring firms to: [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":10893,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"unboxed","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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