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...

PEPs under the UK MLR 2017: Domestic vs Non‑domestic, House of Lords status, and EDD/CDD steps for law firms

Published by a LexisNexis Practice Compliance expert

Practice notes

This Practice Note is aimed at law firms. It sets out responses to common questions on politically exposed persons (PEPs) under the Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), as amended, including:

What is the difference between a domestic and non-domestic PEP?
Is a Member of the House of Lords (who does not hold ministerial role) considered to be a PEP under the MLR 2017?
My Client is a PEP, what next?
How should I approach CDD requirements under the MLR 2017 for a UK-listed company which has domestic PEPs listed on its board?

This Practice Note reflects the Legal Sector Affinity Group (LSAG) AML guidance.

What is the difference between a domestic and non-domestic PEP?

The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) brought in changes to the MLR 2017 concerning domestic and non-domestic PEPs, namely:

domestic PEPs-politically exposed persons entrusted by the UK with prominent public functions, and
non-domestic PEPs-politically exposed persons who are not domestic PEPs

Domestic PEPs remain categorised as PEPs and, at this time, no further requirements relating to PEPs in the MLR 2017, or any published...

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Web page updated on 28/05/2026

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