Offences under the Money Laundering Regulations 2007

Offences under the Money Laundering Regulations 2007

Non-compliance with the Money Laundering Regulations 2007

It is a criminal offence for a business not to comply with the 2007 Regulations, if it is within their scope. An offence may also be committed by any partner, director or officer of the business, who has consented to or connived at the non-compliance or where the non-compliance is attributable to his neglect.

The relevant offences are referred to below:

  • Regulation 7 – failure to apply customer due diligence measures
  • Regulation 8 – failure to apply ongoing monitoring of business relationships and customer due diligence
  • Regulation 9 – failure to comply with the requirements on timing of verification of identity of and any beneficial owner
  • Regulation 11 – continuing with transaction/business relationship where unable to apply customer due diligence measures
  • Regulation 14 – failure to apply enhanced customer due diligence and ongoing monitoring where required
  • Regulation 18 – failing to follow a direction made by HM Treasury under this regulation (directions where FATF applies counter-measures)
  • Regulation 19 – failure to keep the required records
  • Regulation 20 – failure to establish, maintain, monitor and manage the required policies and procedures
  • Regulation 21 – failure to take appropriate measures to provide the required training
  • Regulations 26, 27 – failures regarding certain registration procedures where HM Revenue and Customs (HMRC) are the supervisory body (not applicable to those supervised by a body listed in Schedule 3 to the 2007 Regulations)
  • Regulation 33 – failure to comply with registration requirements specified by HMRC (not applicable to those supervised by a body listed in Schedule 3)

Copyright © 2022 Epoq Group Ltd. All trademarks acknowledged, all rights reserved

This website is operated by Epoq Legal Ltd, registered in England and Wales, company number 3707955, whose registered office is at 2 Imperial Place, Maxwell Road, Borehamwood, Hertfordshire, WD6 1JN. Epoq Legal Ltd is authorised and regulated by the Solicitors Regulation Authority (SRA number 645296).

Our use of cookies

We use necessary cookies to make our site work. We would also like to set some optional cookies. We won't set these optional cookies unless you enable them. Please choose whether this site may use optional cookies by selecting 'On' or 'Off' for each category below. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookie notice.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Performance cookies

We'd like to set cookies to help us to improve our website by collecting and reporting information on how you use it. For more information on these cookies, please see our Cookie notice. The cookies collect information in an anonymous form. Data is only used in aggregate.

Functionality cookies

We'd like to set cookies to provide you with a better customer experience. For more information on these cookies, please see our Cookie notice.