Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

PRA definition

What does PRA mean? In legal practice, “PRA” refers to the UK Prudential Regulation authority, the prudential supervisor within the Bank of England responsible for the safety and soundness of banks, building societies, credit unions, insurers and certain designated (systemically important) investment firms. The PRA was established by the Financial Services Act 2012 and operates under the Financial Services and Markets Act 2000 (FSMA). Its statutory objectives include promoting the safety and soundness of PRA-authorised firms and, for insurers, securing an appropriate degree of protection for policyholders. The PRA sets prudential requirements (via the PRA Rulebook) on capital, liquidity, governance and risk management,...

UK financial services AML/CTF/CPF legal and regulatory framework: MLRs, SARs, WTR2 Travel Rule and cryptoassets, FCA and JMLSG guidance, MLRO, REP-CRIM, levy, key actors and reforms

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note offers a comprehensive primer on the UK’s anti‑money laundering (AML), counter‑terrorist financing (CTF) and countering proliferation financing (CPF) regime as it applies to financial services firms. It outlines:

money laundering (ML), terrorist financing (TF) and proliferation financing (PF)
the AML/CTF/CPF framework for financial services, including the Financial Conduct Authority’s (FCA) role
the UK’s statutory AML/CTF framework
relevant FCA Handbook rules and guidance
Joint Money Laundering Steering Group (JMLSG) Guidance
the responsibilities of a firm’s Money Laundering Reporting Officer (MLRO)
FCA AML/CTF reporting obligations: REP‑CRIM
the Economic Crime (Anti‑Money Laundering Levy)
a snapshot of key participants in the UK AML/CTF landscape for financial services
UK AML/CTF legislative proposals, action plans and reforms impacting financial services

For information on the FCA’s AML/CTF supervisory priority areas and sectors, common breaches of AML/CTF obligations, and ensuing FCA enforcement action and prosecutions, see Practice Note: Introduction to FCA supervisory and enforcement focus on AML/CTF requirements.

What is money laundering, terrorist financing and proliferation financing?

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Web page updated on 22/05/2026

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