Jurisdiction(s):
United Kingdom

Key definition

Money laundering definition

What does Money laundering mean? money laundering is the process of concealing the proceeds of crime so they appear legitimate, including placement, layering and integration. The term is generic, but in the UK the principal offences are defined in the Proceeds of Crime Act 2002 (ss.327–329), with related reporting and tipping‑off offences and preventive duties under the Money Laundering Regulations 2017 (as amended). In Ireland, offences and compliance obligations arise under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010–2021. Key features include dealing with “criminal property” (acquiring, using, possessing or arranging) and duties in the regulated sector—banks, solicitors, accountants, estate agents and others—to...

Precedent: Independent AML audit report (UK Money Laundering Regulations 2017)

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Precedents

1 General information

Person(s) carrying out the audit: [ Provide name(s) of the individual(s) undertaking the audit ]
Auditor classification: ☐ Internal ☐ External
Audit dates: From [ enter date ] to [ enter date ]
Audit type: ☐ Organisation-wide ☐ Targeted—[ Specify exactly what was targeted, e.g. property transactions funded by cryptoassets ]
Office(s) in scope: [ Provide details of the offices included in this audit ]

2 Executive summary

[ Provide a concise overview of the report findings ]

[ Summary of Recommendations: ]
Importance — Number of recommendations
Critical: [ Insert number of recommendations classified as critical ]
Important: [ Insert number of recommendations classified as important ]
'Housekeeping': [ Insert number of recommendations classified as ‘Housekeeping’ ]

3 Scope of audit

3.1 This audit has been undertaken to:

3.1.1 review and assess the adequacy and effectiveness of the organisation’s policies, Controls and procedures for compliance with the Money laundering Regulations 2017; and
3.1.2 set out recommendations relating to those policies, controls and procedures.

3.2 [ This is an organisation-wide audit. ]...

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Web page updated on 22/05/2026

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