Simplified Due Diligence for UK financial services under the Money Laundering Regulations 2017: practical checklist, pooled client accounts, e-money, JMLSG guidance and HM Treasury reform proposals

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Practice notes

The Financial Services Enforcement Database

The Database collates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. Search and filtering are available by:

Regulator
Rule or legislation breach
Keyword — including ‘Anti-money laundering (AML) systems and controls’ and ‘Customer Due Diligence (CDD)’
Sector
Date
Financial penalty and aspects of financial penalty analysis
Outcomes, including redress and prohibition orders
Other actions, such as referrals to the Upper Tribunal

This Practice Note assists advisers to financial services firms in complying with the UK AML, counter-terrorist financing (CTF) and countering the financing of proliferation of weapons of mass destruction (CPF) framework. The Checklist sits within a wider series addressing customer due diligence (CDD), also known as ‘know your customer’ (KYC), as set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs), together with associated regulatory requirements and guidance issued by the Financial Conduct Authority (FCA), including examples of good and bad practice, and it also incorporates guidance from the Joint Money Laundering Steering Group (JMLSG)...

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Web page updated on 22/05/2026

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