MLRs 2017: in-scope UK financial services—Relevant Persons, 'carrying on business' test, exclusions, and FSMA 2000 interplay; Annex 1 institutions, MSBs, TCSPs, cryptoasset and custodian wallet providers, auction platforms

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note considers which financial services firms are in scope of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs)

Firms captured by the MLRs are required to meet stringent statutory duties aimed at combating money laundering (ML), terrorist financing (TF) and proliferation financing (PF). The MLRs apply to entities falling within the definition of Relevant Persons in Part 2 of the legislation. That definition is broader than just financial services firms such as banks, building societies and credit unions, and also reaches other firms that carry out specified financial activities, including investment managers and stockbrokers, e-money institutions, cryptoasset exchange providers, payment institutions, consumer credit firms providing lending services, financial advisers, investment firms, asset managers and businesses offering safety deposit services. The scope therefore spans a range of businesses undertaking qualifying activities across the sector. This Practice Note explains the definitions of the following Relevant Persons:

financial institutions, including Annex 1 financial institutions and money service businesses (MSBs);
credit institutions;
cryptoasset exchange providers;
custodian wallet providers;
trust or company service providers (TCSPs);
auction platforms.

It outlines who is captured by the regime and clarifies how the definitions apply to these categories within the MLRs framework...

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Web page updated on 21/05/2026

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