ECSH61000 - Introduction

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(MLR 2017) set out what a “relevant business” is for the purpose of anti-money laundering. Businesses must meet certain “relevant requirements” as set out in the MLR 2017. These requirements are intended to ensure legitimate businesses mitigate their risk of being used for money laundering, terrorist financing,or proliferation financing (ML, TF and PF). The MLR 2017 aim to stop criminals abusing professional services by requiring businesses to adopt preventative measures in line with their exposure to ML/TF/PF risks.  

The Regulations require businesses to use a risk-based approach, while ensuring that the measures they adopt are effective and proportionate. Therisk-based approachdepends on each business and its supervisory authority’s understanding of risks. Businesses mustproperly  assess their risks, in line with HMRC guidance, and take appropriate actionto mitigate those (such as reviewing risk profiles at regular intervals or if circumstances change). 

The Regulations also set principles that supervisory authorities must follow and functions they must carry out, along with explaining the powers supervisors have. 

The following handbook pages provide information on each part of the Regulations: 

  • Part 1 – Introduction 

  • Part 2 – Money Laundering, Terrorist and Proliferation Financing Application 

  • Part 3 – Customer Due Diligence 

  • Part 4 – Reliance and Record Keeping 

  • Part 5 – Beneficial Ownership Information 

  • Part 6 – Money Laundering and Terrorist Financing: Supervision Registration 

  • Part 7 – Transfer of Funds (Information on the Payer) Regulations 

  • Part 8 – Information, Investigation and Directions 

  • Part 9 – Enforcement 

  • Part 10 – Appeals 

  • Part 11 – Miscellaneous Provisions 

  • Schedules  

Relevant requirements are listed in Schedule 6 of the Regulations.