Jurisdiction(s):
United Kingdom

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...

Independent AML audit under the UK Money Laundering Regulations 2017: requirements, resourcing, scope, planning, reporting, monitoring, and difference from risk assessment

Published by a LexisNexis Risk & Compliance expert

Practice notes

The money laundering, Terrorist Financing and Transfer of funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 brought in a duty for certain organisations to create an independent audit function to test their compliance with the MLR 2017. This Practice Note sets out how to establish that independent audit function. It outlines core responsibilities and recommended practices for the independent audit function, and clarifies how independent audit differs from your money laundering, terrorist financing and proliferation financing risk assessment. Reflecting the amended requirements of the MLR 2017, this guidance is generally applicable. You should verify whether the MLR 2017 contain any additional or varied obligations for your sector and whether your regulatory body has extra, sector‑specific requirements relating to independent audit. For law firms regulated by the SRA, see Practice Note: —law firms, which reflects guidance issued by the SRA and the Legal Sector Affinity Group.

The requirement to establish an independent audit function

Under the MLR 2017, you are required to implement an independent audit function only where appropriate, taking account of the size and nature of your business...

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Web page updated on 21/05/2026

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