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HMRC internal manual

MLR1 Penalties Guidance

Penalties guidance: specific failings and breaches of the Money Laundering regulations

  • Regulation 7 - failure to apply appropriate and risk-sensitive customer due diligence measures
  • Regulation 8 - failure to apply appropriate and risk-sensitive ongoing monitoring of a business relationship
  • Regulation 9 - failure to comply with the requirements on timing of verification of identity of clients and any beneficial owner
  • Regulation 11 - continuing with transaction/business relationship where unable to apply customer due diligence measures
  • Regulation 14 - failure to apply enhanced customer due diligence and ongoing monitoring where required
  • Regulation 19 - failure to keep the required records
  • Regulation 20 - failure to establish, maintain, monitor and manage the required risk based policies and procedures
  • Regulation 21 - failure to take appropriate measures to provide the required training
  • Regulations 26, 27(4), 33 - failure to comply with registration requirements specified by the Commissioners
  • Regulation 37(1) - failure to comply with any requirement of a notice given under this regulation

Further details about which of these failings or breaches are connected can be found in MLR1PP7200