Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

Money Laundering Compliance Officer in Law Firms: Appointment, Duties, Governance and SRA Guidance under the Money Laundering Regulations 2017 (England and Wales)

Published by a LexisNexis Practice Compliance expert

Practice notes

This Practice Note is aimed at law firms within scope of the Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It sets out the expectation to appoint a board-level (or equivalent) individual to take responsibility for the firm’s Compliance with the MLR 2017. This function is commonly referred to as the money laundering compliance Officer (MLCO) or board-level person.

Not every firm must appoint an MLCO. Sole practitioners are not required to do so, and other practices need only make an appointment where:

they fall within the scope of the MLR 2017, and
having regard to the size and nature of the business, it is appropriate to designate an individual

Where a firm does appoint an MLCO, see Precedents: MLCO and nominated officer-combined job description and role profile-law firms, or Money laundering compliance officer-MLCO-job description and role profile-law firms.

This Practice Note reflects the Legal Sector Affinity Group (LSAG) AML guidance. It also incorporates key findings from SRA research and publications, together with the SRA guidance Money Laundering Governance: Three Pillars of Success...

What is an MLCO?

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Web page updated on 27/05/2026

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