Get AML24 - Gov.UK

Simplified due diligence is the lowest level of due diligence that can be completed on a customer. This is considered appropriate where there is little opportunity or risk of your services or customer becoming involved in money laundering or terrorist financing.

Legislation for the introduction of The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (the regulations) has now been passed by Parliament, with its provisions generally coming into force from 1 September 2022.

Anti-Money Laundering (AML) includes policies, laws, and regulations to prevent criminals' financial crimes and illegal activity. Global and local regulators are established worldwide to prevent financial crimes, and these regulators build policies.

Allegations of fraud and cybercrime should be reported to Action Fraud, the UK's national fraud and cybercrime reporting centre which can be contacted at .actionfraud.police.uk, or on 0300 123 2040.

The regulations apply to: financial and credit businesses. independent legal professionals. accountants, tax advisers, auditors and insolvency practitioners. trust and company service providers. estate agency businesses. letting agency businesses. s.

The MLR 2017 sets out the additional obligations of private sector firms working in areas of higher money laundering risk. They aim to stop criminals using professional services to launder money by requiring professionals to take a risk-based approach.