Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Advising definition

What does Advising mean? Advising, in financial services practice, means giving a client (or their agent) a recommendation on the merits of buying, selling, subscribing for, underwriting or exercising rights in a specific investment. In the UK (England & Wales, Scotland and Northern Ireland), this is the regulated activity of advising on investments under article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. It captures advice given to a person as an investor or potential investor, or as agent for one, about a particular investment. Firms must be authorised or exempt, and the activity engages...

UK AML/CTF CDD record-keeping obligations for financial services firms: retention, retrieval, third-party reliance, data protection and cryptoasset transfers, with FCA/JMLSG guidance and enforcement case studies

Published by a LexisNexis Financial Services expert

Practice notes

This Checklist

This Checklist is aimed at professionals Advising financial services businesses (credit and financial institutions, cryptoasset exchanges and Custodian wallet providers) on meeting the UK’s anti-Money laundering (AML) and counter-terrorist financing (CTF) legal and regulatory regime. It focuses on the record-keeping obligations for customer due diligence (CDD)-often referred to as ‘Know your customer’ (KYC)-together with data protection considerations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, regs 40 and 41 (MLRs), and under Financial Conduct Authority (FCA) rules. The Checklist brings together regulatory guidance issued by the FCA and the Joint Money Laundering Steering Group (JMLSG), and reflects guidance prepared for the insurance and banking sectors by the International Association of Insurance Supervisors (IAIS) and the Basel Committee on Banking Supervision (BCBS). It does not cover additional record-keeping under the MLRs relating to firms’ own risk assessments, policies, controls and procedures, including MLRO reports, information not acted upon, training, and compliance monitoring; see Practice Note: The Money Laundering Regulations 2017 (MLRs)-essentials for financial services-Risk assessments, policies, controls and procedures (MLRs, Pt 2). References to regulations in this Practice Note are to the MLRs. This Checklist forms part of a...

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Web page updated on 26/05/2026

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