OFT anti-money laundering regime
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.
Please note that we are in the process of updating this note to reflect the updated anti-money laundering enforcement principles published by the OFT on 15 May 2013 (see Legal update, OFT updates anti-money laundering enforcement principles).