Introduction to the UK AML/CTF/CPF legal and regulatory framework for financial services

Published by a UU��ֱ�� Financial Services expert

Practice notes

Introduction to the UK AML/CTF/CPF legal and regulatory framework for financial services

Published by a UU��ֱ�� Financial Services expert

Practice notes

This Practice Note provides a detailed introduction to the elements of the UK’s anti-money laundering (AML), counter-terrorist financing (CTF) and countering proliferation financing (CPF) legal and regulatory framework as it applies to financial services firms. It provides an overview of:

•
money laundering (ML), terrorist financing (TF) and proliferation financing (PF)
•
the AML/CTF/CPF framework for financial services including the role of the Financial Conduct Authority (FCA)
•
the UK’s AML/CTF statutory framework, including:
1. ◦
  the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs)
2. ◦
  the UK Wire Transfer Regulation 2 (UK WTR2)
3. ◦
  the Proceeds of Crime Act 2002 (POCA 2002) and the Terrorism Act 2000 (TA 2000)
•
relevant rules and guidance in the FCA Handbook, including:
1. ◦
  the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC)
2. ◦
  the Financial Crime Guide (FCG), Financial Crime Thematic Reviews (FCTR) and supporting guidance
•
Joint Money Laundering Steering Guide (JMLSG) Guidance
•
the role of a firm’s Money Laundering Reporting Officer

Access this content for free with a 7 day trial of UU��ֱ�� and benefit from:

Instant clarification on points of law
Smart search
Workflow tools
42 practice areas

Would you also like a quote? Yes please No thank you

I confirm I am a lawyer or work in a legal capacity, intend to use UU��ֱ�� products for business purposes and agree with the terms and conditions.^**

^**Trials are provided to all UU��ֱ�� content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these UU��ֱ�� services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.

Jurisdiction(s):

United Kingdom

Key definition:

PRA definition

What does PRA mean?

The Prudential Regulation authority (PRA) is responsible for the prudential regulation and supervision of 1,500 banks, building societies, credit unions, insurers and major investment firms in the UK.

UU��ֱ��