{"id":19789,"date":"2025-06-27T14:17:40","date_gmt":"2025-06-27T14:17:40","guid":{"rendered":"https:\/\/trustpair.com\/?p=19789"},"modified":"2025-07-08T13:38:04","modified_gmt":"2025-07-08T13:38:04","slug":"money-laundering-regulations-2017","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/money-laundering-regulations-2017\/","title":{"rendered":"Understanding UK\u2019s money laundering regulations 2017"},"content":{"rendered":"<p>In the last decade, the FCA has repeatedly stepped in to penalise national financial firms in the fight against <a href=\"https:\/\/trustpair.com\/gb\/blog\/anti-money-laundering-everything-you-need-to-know\/\">money laundering<\/a>. In fact, since the <strong>money laundering regulations of 2017,<\/strong> huge banks like Santander, HSBC, Natwest and Standard Chartered Bank have been the recipients of <a href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/fca-fines-standard-chartered-bank-102-2-million-poor-aml-controls\">fines totalling over \u00a3500 million for their failings<\/a>.<\/p>\n<p>It\u2019s time for firms to learn the rules, not least to prevent money laundering, but also to avoid these costly penalties. Respecting the rules ensures that you\u2019re steering clear of funding illegal activities, and platforms like Trustpair help you add those extra layers of security.<\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-c5f6fc59-30f8-4309-ba47-68a0a3231f3f\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-c5f6fc59-30f8-4309-ba47-68a0a3231f3f\" class=\"hs-cta-node hs-cta-c5f6fc59-30f8-4309-ba47-68a0a3231f3f\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/c5f6fc59-30f8-4309-ba47-68a0a3231f3f\"><img decoding=\"async\" id=\"hs-cta-img-c5f6fc59-30f8-4309-ba47-68a0a3231f3f\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/c5f6fc59-30f8-4309-ba47-68a0a3231f3f.png\" alt=\"Nouveau call-to-action\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, 'c5f6fc59-30f8-4309-ba47-68a0a3231f3f', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><\/p>\n<p><!-- end HubSpot Call-to-Action Code --><\/p>\n<h2>What Are the Money Laundering Regulations 2017?<\/h2>\n<p>The UK\u2019s Money Laundering Regulations are beneficial guidance for banks, credit unions, firms and other financial institutions. These measures must be followed to prevent criminals from hiding the proceeds from their crimes.<\/p>\n<p>The requirements center around due diligence &#8211; researching new account applications, monitoring for suspicious financial activity and completing background checks for information. Institutions must rely on a risk-based approach to take the appropriate actions, from a low to standard and a high risk person.<\/p>\n<p>They were first introduced in 2007. They were later updated in 2017 to reflect the changing threat landscape, largely thanks to digital advancements.<\/p>\n<p>The 2017 Anti Money Laundering Regulations aren\u2019t prescriptive, instead, <strong>it\u2019s up to firms to develop their own policies and procedures according to the risks that may impact their business<\/strong> service.<\/p>\n<h2>Key Requirements Under MLR Act<\/h2>\n<p>There are a few important requirements of MLR 2017, including:<\/p>\n<ul>\n<li>Due Diligence<\/li>\n<li>MLRO<\/li>\n<li>Internal Controls<\/li>\n<\/ul>\n<h3>Due diligence<\/h3>\n<p>The money laundering regulation <a href=\"https:\/\/trustpair.com\/gb\/blog\/aml-due-diligence-explained\/\">due diligence requirements<\/a> ask institutions to decide between three different levels of due diligence. It depends on the risk relationship with the person.<\/p>\n<p>Risk factors include<\/p>\n<ul>\n<li><strong>Publicity versus privacy<\/strong>: companies listed on the stock exchange may be considered low risk because much of their information is publicly known. However, public figures like politicians could be at higher risk of legal and financial blackmail<\/li>\n<li><strong>Jurisdiction:<\/strong> individuals in countries with regulations that promote transparency may be considered lower risk<\/li>\n<li><strong>Payments history:<\/strong> an opaque transaction structure or transfer could indicate higher risk<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Type of due diligence<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Customer risk level<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Required checks<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Simplified due diligence<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Low risk customer<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ID matching against only a few documents\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">basic screening against PEPs and sanctions lists\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">basic adverse media checks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ongoing monitoring\u00a0<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Standard due diligence<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Average level of risk<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All of the previous plus:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">thorough <\/span><a href=\"https:\/\/trustpair.com\/gb\/blog\/the-foolproof-way-to-identify-ultimate-beneficial-owners\/\"><span style=\"font-weight: 400;\">beneficial ownership<\/span><\/a><span style=\"font-weight: 400;\"> (UBO) checks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">detailed ID verification<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">more comprehensive media and sanctions screenings<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/trustpair.com\/gb\/blog\/enhanced-due-diligence\/\"><span style=\"font-weight: 400;\">Enhanced due diligence<\/span><\/a><\/td>\n<td><span style=\"font-weight: 400;\">High risk customer<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All of the above, plus:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">much closer examination of UBOs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">more intensive PEPs and sanctions checks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">rigorous ongoing transaction and financial activity scrutiny once an account has been approved<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>MLRO<\/h3>\n<p>Assigning a <a href=\"https:\/\/trustpair.com\/gb\/blog\/money-laundering-reporting-officer\/\">money laundering reporting officer (MLRO<\/a>) within your company was <strong>one of the key updates from the 2017 regulations. This makes the responsibility clear within any company: employees are required <\/strong>to report any suspicious activities that they find to this assigned officer.<\/p>\n<p>The role then requires the MLRO to review the facts. If they suspect that money laundering has occurred, they\u2019ll be required to fill out a Suspicious Activity Report (SAR). This form alerts external organisations, like the police, to the potential criminal activities. But it must be completed in the strictest of confidence, given that the subject can\u2019t find out.<\/p>\n<h3>Internal Controls&lt;\/h3&gt;<\/h3>\n<p>Each organisation must complete a <strong>policy statement which provides a framework for how your business will deal with the threat of money laund<\/strong><\/p>\n<p>It should list your <a href=\"https:\/\/trustpair.com\/gb\/blog\/internal-control-the-key-to-secure-financial-systems\/\">internal controls<\/a>, roles and responsibilities, the methods you\u2019re implementing to prevent money laundering, staff training and response practices. For example, your internal controls should consider the record-keeping requirements of this regulation, including all the due diligence completed and ongoing monitoring records. You may also implement quarterly staff training as a means of control to recognise suspicious transactions, leaving staff with no excuses to let the relevant funds or persons go.<\/p>\n<h2>Updates Since 2017: What Changed in 2019, 2020 and beyond?<\/h2>\n<p>A lot has happened since the regulations were first introduced, so we\u2019ve put together a <strong>timeline of events<\/strong> for your firm:<\/p>\n<p><strong>2018 <\/strong><\/p>\n<p>The Money Laundering and Terrorist Financing (Miscellaneous Amendments) led to due diligence rule amendments. This mainly updated references to the Payment Services Regulation (PSR), which was updated between 2009 and 2017. The Sanctions and Anti-Money Laundering Act 2018 also came in this year, updated from 2005. This outlined the EU\u2019s powers, sanction types and designated persons that these penalties could apply to.<\/p>\n<p><strong>2019<\/strong><\/p>\n<p>Changed the right to appeal (rule 99) against HMRC\u2019s supervisory decisions.<\/p>\n<p><strong>2020<\/strong><\/p>\n<p>Brexit finally happened, and the UK chose to retain this law, with a few minor information amendments. This year, the introduction of the 5th Anti-Money Laundering Directive (5AMLD) also happened in the EU. This widened the scope of money laundering monitoring to lettings agents, art dealers, crypto asset providers and custodian wallet providers.<\/p>\n<p><strong>2021 <\/strong><\/p>\n<p>The regulation was amended to update high risk countries which might indicate that the financial infrastructure is less transparent, the rules are not strong enough, transactions are more likely to relate to terrorist financing, or finances are easier to hide. Examples of these countries include Bulgaria, Lebanon and Venezuela.<\/p>\n<p><strong>2022<\/strong><\/p>\n<p>The rules were amended once again to expand its scope further within cryptocurrency businesses and trusts. Money laundering regulations in 2022 gave regulators a chance to catch up following the stark growth of online banking and finance tools introduced during covid, which potentially helped criminals to hide their identities.<\/p>\n<p><strong>2023<\/strong><\/p>\n<p>Money laundering regulations 2023 saw an amendment to the UK\u2019s due diligence standards for politically exposed individuals. The rules lowered the starting point for enhanced due diligence for domestic PEPs compared with foreign PEPs.<\/p>\n<p><strong>2024<\/strong><\/p>\n<p>The 6th Anti-Money Laundering Directive (6AMLD) added to global money laundering regulations 2024, expanding the list of money laundering and terrorist financing offences in Europe.<\/p>\n<h2>How Does Account Validation Support MLR Compliance?<\/h2>\n<p>Account validation is the <strong>automated validation of worldwide bank details,<\/strong> presented in a contextualised assessment so that your people can see the risks. This directly supports MLR Compliance because it\u2019s part of the due diligence process, but can also be automatically performed every time you make a new payment, meeting some of the ongoing monitoring requirements too. If somebody makes a change to their payment details, for example, you can verify that it\u2019s really them, and their new accounts do exist and are owned by them, rather than impersonators attempting to launder money.<\/p>\n<p>In 2024, <a href=\"https:\/\/trustpair.com\/gb\/resources\/2025-uk-fraud-trends-and-insights\/\">93% of UK business<\/a>es were targeted by fraudsters, and 42% of companies actually suffered two or more successful attacks. Therefore, <a href=\"https:\/\/trustpair.com\/gb\/automated-account-validation\/\">account validation<\/a> is more important than ever for businesses to ensure they\u2019re not funding illegal activities, and staying on the right side of the regulations.<\/p>\n<h3><!--HubSpot Call-to-Action Code --><\/h3>\n<p><span id=\"hs-cta-wrapper-3dcba877-276b-40a0-86bf-1da55f75467c\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-3dcba877-276b-40a0-86bf-1da55f75467c\" class=\"hs-cta-node hs-cta-3dcba877-276b-40a0-86bf-1da55f75467c\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/3dcba877-276b-40a0-86bf-1da55f75467c\"><img decoding=\"async\" id=\"hs-cta-img-3dcba877-276b-40a0-86bf-1da55f75467c\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/3dcba877-276b-40a0-86bf-1da55f75467c.png\" alt=\"New call-to-action\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, '3dcba877-276b-40a0-86bf-1da55f75467c', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><\/p>\n<h3><!-- end HubSpot Call-to-Action Code --><\/h3>\n<p>Trustpair\u2019s solution checks the legitimacy of vendors and their banking data throughout the entire payment chain. Demo the platform to learn how you can reliably wipe out the risks of payment fraud.<\/p>\n<h2>Penalties for Non-Compliance<\/h2>\n<p>The UK\u2019s Money Laundering Regulations are overseen by the HMRC authority rather than the FCA. This makes them slightly different to most of the financial regulations that companies deal with.<\/p>\n<p>Penalties include unlimited fines and up to two years in prison for offenders.<\/p>\n<p>HMRC focuses on financial penalties, which they state will be \u201cproportionate to the failure&#8221; and are designed to \u201cdeter non compliance\u201d. They\u2019ll also consider the reasons for non-compliance, scale of the offence and size of the business.<\/p>\n<p>In 2022, <a href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/fca-fines-santander-uk-repeated-anti-money-laundering-failures#:~:text=For%20example%2C%20it%20has%20fined,being%20fined%20%C2%A3264.8%20million.\">Santander was fined \u00a3107.7 million for AML failures<\/a>. This included gaps in their services\u2019 internal controls that led to one customer receiving and transferring millions through their account, even after it had been flagged by the bank\u2019s AML team.<\/p>\n<p>To avoid penalties like these, organisations should closely assess how well they trust their current supervisory compliance procedures, and successfully prevent money laundering.<\/p>\n<h2>A recap on the UK\u2019s MLR 2017<\/h2>\n<p>The 2017 Money Laundering regulations have rules on due diligence, internal controls, and assigning a money laundering reporting officer. The rules have been updated regularly, especially for new technology that could conceal identities. Trustpair adds a layer of security and compliance to payments by continuously monitoring your third-party data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the last decade, the FCA has repeatedly stepped in to penalise national financial firms in the fight against money laundering. In fact, since the money laundering regulations of 2017, huge banks like Santander, HSBC, Natwest and Standard Chartered Bank have been the recipients of fines totalling over \u00a3500 million for their failings. It\u2019s time [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":19791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114],"tags":[],"class_list":["post-19789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance-finance-gb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding the Money Laundering Regulations 2017 - Trustpair<\/title>\n<meta name=\"description\" content=\"Learn what the Money Laundering Regulations 2017 mean for UK businesses. 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