OFT anti-money laundering regime

Resource type: Practice Note

Status: Maintained

Jurisdiction: United Kingdom

An overview of the OFT's anti-money laundering (AML) regime under the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs). The regime applies to consumer credit lenders carrying on business in the UK who are not authorised under the Financial Services and Markets Act 2000 (FSMA) or supervised by HMRC as a money service business (MSB). Consumer credit lenders that fall within the OFT's regime are known as "consumer credit financial institutions" or "CCFIs". CCFIs have had to comply with AML legislation since 1994. However, until the MLRs came into force on 15 December 2007 CCFIs did not have a statutory supervisor.

The OFT's regime under the MLRs also applies to estate agents, however, they are outside the scope of this note.

PLC Financial Services

The full text of this resource is available by logging in or by requesting a trial. If you have any questions, please contact us or your PLC Account Executive.

Free trial

A free trial will give you:

✔	Unlimited access to our online legal know-how services during the trial period
✔	Full training and support
✔	Six issues of Practical Law The Journal, the companion to Practical Law online
✔	Weekly update e-mails on current legal developments in your practice area

Law school access click here

Login

Subscribers and trialists can login below

Contact Us

If you need assistance logging in or have any questions about our services, please contact us.

Actions

Resource information

Show resource details Hide resource details

Resource ID: 1-506-2167
Products: PLC UK Financial Services, PLC UK Public Sector
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

Contact the team

Related content

Related content

Practice Note: Overview

An overview of the UK anti-money laundering and counter-terrorist financing regime An overview of the UK anti-money laundering and counter-terrorist financing regime (http://us.practicallaw.com/topic4-102-5253)
Consumer credit resources Consumer credit resources (http://us.practicallaw.com/topic4-380-1963)
Financial crime glossary Financial crime glossary (http://us.practicallaw.com/topic5-517-6483)
Hot topics: Third Money Laundering Directive: European Commission's proposed reforms Hot topics: Third Money Laundering Directive: European Commission's proposed reforms (http://us.practicallaw.com/topic7-505-0736)

Practice Notes

Anti-money laundering: FSA thematic work Anti-money laundering: FSA thematic work (http://us.practicallaw.com/topic5-505-3095)
Counter-Terrorism Act 2008: HM Treasury's Schedule 7 regime Counter-Terrorism Act 2008: HM Treasury's Schedule 7 regime (http://us.practicallaw.com/topic2-520-5364)
Government plans to transfer consumer credit regulation from OFT to FCA Government plans to transfer consumer credit regulation from OFT to FCA (http://us.practicallaw.com/topic5-506-0185)
HM Treasury's post-implementation review of the Money Laundering Regulations 2007 HM Treasury's post-implementation review of the Money Laundering Regulations 2007 (http://us.practicallaw.com/topic5-506-4013)
JMLSG's AML and CTF guidance for the financial services sector JMLSG's AML and CTF guidance for the financial services sector (http://us.practicallaw.com/topic2-520-6858)
Money Laundering Regulations 2007: implications for FSMA-authorised firms Money Laundering Regulations 2007: implications for FSMA-authorised firms (http://us.practicallaw.com/topic1-379-3441)
Third Money Laundering Directive Third Money Laundering Directive (http://us.practicallaw.com/topic0-203-0953)
Third Money Laundering Directive: equivalent third countries Third Money Laundering Directive: equivalent third countries (http://us.practicallaw.com/topic5-509-1752)
Third Money Laundering Directive: European Commission's review Third Money Laundering Directive: European Commission's review (http://us.practicallaw.com/topic6-520-7163)

Legal Update: archive

Government and FSA consult on transferring consumer credit regulation to the FCA Government and FSA consult on transferring consumer credit regulation to the FCA (http://us.practicallaw.com/topic8-524-9614)

CaseTracker

OFT enforcement tracker: money laundering OFT enforcement tracker: money laundering (http://us.practicallaw.com/topic2-386-1279)

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247480690826", "objName" : "OFT anti-money laundering regime", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/1-506-2167?source=relatedcontent", "pageType" : "", "contentAccessed" : "false", "analyticsPermCookie" : "2-2d608713:13eb9bba948:38f6", "analyticsSessionCookie" : "2-2d608713:13eb9bba948:38f7", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }