Money Laundering Regulations 2007: implications for financial institutions | Practical Law

Money Laundering Regulations 2007: implications for financial institutions | Practical Law

Until June 2017, the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs) formed part of the UK defences against money laundering and terrorist financing. They came into force on 15 December 2007, part implementing the Third Money Laundering Directive (2005/60/EC) (MLD3 or 3MLD) in the UK. Although the MLRs applied to a wide range of businesses, this note focuses on the implications for financial institutions of the regime that was in place until 25 June 2017.

Money Laundering Regulations 2007: implications for financial institutions

Practical Law UK Practice Note 1-379-3441 (Approx. 43 pages)

Money Laundering Regulations 2007: implications for financial institutions

by Practical Law Financial Services
Law stated as at 26 Jun 2017 • United Kingdom
Until June 2017, the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs) formed part of the UK defences against money laundering and terrorist financing. They came into force on 15 December 2007, part implementing the Third Money Laundering Directive (2005/60/EC) (MLD3 or 3MLD) in the UK. Although the MLRs applied to a wide range of businesses, this note focuses on the implications for financial institutions of the regime that was in place until 25 June 2017.
On 26 June 2017, the MLRs were repealed and replaced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), for more information, see Practice notes, Money Laundering Regulations 2017: which financial institutions are in scope?, Money Laundering Regulations 2017: implications for financial institutions and Money Laundering Regulations 2017: FCA supervision and enforcement.