Anti-money laundering

Anti-money laundering practice note - 03 September 2007

In force from 03 September to 14 December 2007 inclusive.

This practice note is to help you comply with the Proceeds of Crime Act 2002, Terrorism Act 2000 and Money Laundering Regulations 2007. It also details good practice.

It applies to suspected money laundering occurring between 3 September and 14 December 2007 inclusive.

The 2007 regulations did not enter force until 15 December 2007. During the transition period you:

• may continue to refer to the previous guidance issued by the SRA regarding the Money Laundering Regulations 2003. The Law Society still considers this to represent good practice
• cannot implement parts of the practice note which permit a lower standard of compliance than the 2003 regulations, such as simplified due diligence or reliance

For suspected money laundering occurring before 3 September 2007, refer to our previous guidance.

Using this practice note

Click on a chapter heading below to navigate this practice note. You can print the entire practice note, and each chapter can be printed individually.

• Table of contents
• Definitions and glossary
• Chapter 1 – introduction
• Chapter 2 – the risk-based approach
• Chapter 3 – systems, policies and procedures
• Chapter 4 – customer due diligence
• Chapter 5 – money laundering offences
• Chapter 6 – legal professional privilege
• Chapter 7 – terrorism offences
• Chapter 8 – making a disclosure
• Chapter 9 – enforcement
• Chapter 10 – civil liability
• Chapter 11 – money laundering warning signs
• Chapter 12 – offences and reporting practical examples