Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money laundering definition

What does Money laundering mean? money laundering is the process of concealing the proceeds of crime so they appear legitimate, including placement, layering and integration. The term is generic, but in the UK the principal offences are defined in the Proceeds of Crime Act 2002 (ss.327–329), with related reporting and tipping‑off offences and preventive duties under the Money Laundering Regulations 2017 (as amended). In Ireland, offences and compliance obligations arise under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010–2021. Key features include dealing with “criminal property” (acquiring, using, possessing or arranging) and duties in the regulated sector—banks, solicitors, accountants, estate agents and others—to...

Customer due diligence under the UK Money Laundering Regulations 2017: practical guidance for lawyers on triggers, verification, beneficial ownership, risk-based measures, monitoring and record-keeping

Published by a LexisNexis Risk & Compliance expert

Practice notes

Customer due diligence (CDD)

This Practice Note outlines guidance on customer due diligence (CDD), a key element of the anti-money laundering (AML) and counter-terrorist financing (CTF) framework. CDD duties underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. You should verify whether the MLR 2017 set out any additional or modified obligations for your sector and whether your regulatory body imposes further, sector-specific CDD requirements. Counter-proliferation financing is the latest addition to the long-established AML and CTF regime. Amendments to the MLR 2017 introduced counter-proliferation financing measures relating to systems and controls, risk assessment, etc. No counter-proliferation financing provisions were added specifically to CDD, and the existing CDD rules in the MLR 2017 were not revised to reference proliferation financing. Consequently, counter-proliferation financing is not addressed in this Practice Note. For more detail, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply, carrying out CDD is mandatory. It is not, in itself, governed by the risk-based approach...

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Web page updated on 21/05/2026

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