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...

The UK Money Laundering Regulations 2017 for Financial Services: FCA supervision, risk-based controls, CDD/EDD/SDD, beneficial ownership and TRS, cryptoasset Travel Rule, enforcement powers and forthcoming reforms

Published by a LexisNexis Financial Services expert

Practice notes

This PrACTice Note examines how the Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs) apply to financial services firms. It includes:

a high-level outline of the legislation
guidance and regulatory expectations linked to the MLRs
the MLRs’ obligations relating to:
- risk assessments, policies, controls and procedures
- staff training
- customer due diligence (CDD), including enhanced due diligence (EDD) and simplified due diligence (SDD)
- beneficial ownership information, the UK register of trusts, and reporting discrepancies in registers
the statutory framework of the MLRs—background and reform

Key points

Key points to note:

the MLRs span a broad range of sectors; this Practice Note focuses on their operation within financial services firms
the FCA oversees firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000) for compliance with the MLRs
the FCA also supervises compliance with the MLRs by certain unregulated financial sector businesses, such as cryptoasset businesses...

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Web page updated on 22/05/2026

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