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HMRC internal manual

Money Laundering Regulations: Compliance

Compliance visit tests: Checking record keeping

The record-keeping requirements are set out in section 12 of MLR 8

In considering if the records are sufficient to meet the regulatory requirements and, if necessary, facilitate investigations into customers, the following questions should be considered:

  • Does the business keep a copy of, or the references to, the evidence of the customer’s identity obtained under the CDD requirements?
  • Are there sufficient records held in customer account files and/or transaction records to enable customer profiles and audit trails to be created?