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...

Independent Audit Plan and Checklist for Legal Practices under the UK Money Laundering Regulations 2017 (AML, CTF and Counter‑Proliferation Financing)

Published by a LexisNexis Risk & Compliance expert

Precedents

1 Preparing for the Audit

This part provides a pre-audit checklist of matters to address before the review.

Action | Completed | Comments/action points

Define the audit’s scope, whether organisation-wide or focused (and, if focused, state precisely what is included) [ Insert date completed ] [ Insert any comments or action points ]
Obtain the organisation-wide risk assessment for Money laundering, terrorist financing and proliferation financing [ Insert date completed ] [ Insert any comments or action points ]
Collect all AML, CTF and counter-proliferation financing Compliance policies and procedures [ Insert date completed ] [ Insert any comments or action points ]
Decide how many files will be reviewed and from which departments they should be sourced [ Insert date completed ] [ Insert any comments or action points ]
Select customer/matter files for examination [ Insert date completed ] [ Insert any comments or action points ]
Set up access to all relevant internal systems, files and records, for example:
- practice management system;
- document management system;
- customer on-boarding system;
- customer due diligence (CDD) records;
- records of compliance breaches.
[ Insert date completed ] [ Insert any comments or action points ]...

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Web page updated on 22/05/2026

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