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Money laundering regulations Definition

Definition :
Money Laundering Regulations 2007 require certain businesses to have systems in place to assist in the prevention of money laundering and to report suspicious activity.

These systems include:

  • Assessing the risks of your business being used by criminals to launder money
  • Identifying customers and beneficial owners and verifying their identity
  • Monitoring customers' business activities and reporting suspicious activity to the Serious Organised Crime Agency (SOCA)

Related information:

  • Download our UK Compliance Guide for full advice on complying with various data protection and financial regulations including the Money Laundering Regulations 2007.