February 2008

Money Laundering Regulations

From 15 December 2007, the Money Laundering Regulations 2007 require certain businesses to have systems in place to prevent money laundering and report suspicious transactions. These regulations replace the previous ones which have been in force since 2004.

Not all businesses have to operate the regulations but most UK financial businesses (banks, building societies, money transmitters, bureaux de change, cheque cashers, savings and investment firms) are covered. In addition, the regulations cover legal professionals, accountants, tax advisers, auditors, insolvency practitioners, estate agents, casinos, high value dealers and trust or company service providers.

If you operate in any of these areas you need to ensure that you are complying with the new regulations. If you have dealings with businesses in these sectors, such as ourselves, you may find you have to provide more information, for example confirming your identity. We will let you know if we require any further information.

HMRC have updated their guidance which can be found by visiting the link below.

Internet Link:

HMRC Money Laundering guidance