Money Laundering Regulations 2007: implications for financial institutions | Practical Law
Until June 2017, the Money Laundering Regulations 2007 (SI 2007/2157) (MLRs) formed part of the UK defences against money laundering and terrorist financing. They came into force on 15 December 2007, part implementing the Third Money Laundering Directive (2005/60/EC) (MLD3 or 3MLD) in the UK. Although the MLRs applied to a wide range of businesses, this note focuses on the implications for financial institutions of the regime that was in place until 25 June 2017.