Money Laundering Regulations 2007
The Money Laundering Regulations 2007 came into force 15 December 2007, completely replacing all previous Money Laundering Regulations.
The new Regulations impose a duty on firms to regularly assess the risks of money laundering posed by its clients and their activities and conduct client due diligence based on the outcome. This is very similar to the obligations of ‘know your client’.
Relatively new terminology is now widely incorporated, with firms needing to carry out client due diligence on either a standard, simplified or enhanced basis.
Client relationships must now be monitored on an ongoing basis and the relevant client due diligence must be relevant and up to date.
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