Jurisdiction(s):
United Kingdom

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Key definition

Board definition

What does Board mean? In legal practice, the board is the group of directors who collectively manage and supervise a company’s business and affairs. In the UK and Ireland the term is descriptive rather than statutory: company legislation (Companies Act 2006; Companies Act 2014 (Ireland)) generally refers to “the directors” and does not define “board”. The board is the company’s primary decision‑making body in a unitary governance model and typically includes executive and non‑executive directors. Acting subject to the company’s articles or constitution and directors’ statutory duties, it takes decisions at duly convened board meetings or by written resolutions, and may delegate authority...

Board memo seeking approval of AML, CTF and counter-proliferation financing policy: UK MLR 2017 duties, governance roles, offences and penalties, and corporate criminal liability

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Precedents

Date: [ insert date ]

Introduction

In the UK, the framework addressing money laundering, terrorist financing and proliferation financing is partly set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. These require updates to our existing anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing policy, controls and procedures.

Money laundering refers to concealing the genuine source and ownership of criminal proceeds so those funds appear legitimate.
Terrorist financing means raising or supplying funds, whether from lawful or unlawful sources, to be used to commit a terrorist act.
Proliferation financing involves providing funds or financial services for, in whole or in part, the manufacture, acquisition, development, export, transhipment, brokering, transport, transfer, or stockpiling of, or otherwise linked to the possession or use of, chemical, biological, radiological or nuclear (CBRN) weapons; this also covers financing connected to the delivery systems for such weapons and other CBRN-related goods and technology, where this breaches an applicable financial sanctions obligation...

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Web page updated on 22/05/2026

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