All You Need to Know about KYC/AML Regulations in the UK (FAQ)

by Oraz Kereibayev

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As the world becomes increasingly connected, the threat of money laundering has grown, leading to stricter Anti-Money Laundering (AML) regulations in the UK. In this article, we will answer some commonly asked questions about AML regulations in the UK.

  • What are the main money laundering regulations in the UK?

The main AML laws in the UK are the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017, in addition to the Financial Services and Markets Act 2000 (FSMA), Financial Services and Markets Act 2000, Terrorism Act 2000, Anti-Terrorism, Crime, and Security Act 2001, Counter-Terrorism Act 2008, Proceeds of Crime Act 2002, and the FCA Handbook for FCA regulated firms.

  • Who regulates AML in the UK?

In the UK, AML is regulated by several different bodies, including the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), the Gambling Commission, and HM Revenue & Customs (HMRC). The FCA is responsible for regulating financial institutions, including banks and payment service providers, while the Gambling Commission regulates casinos and other gambling businesses. 

  • Who is subject to AML regulations in the UK?

Under UK law, several industries are required to comply with AML regulations, including financial institutions, gambling businesses, money service businesses, crypto businesses, legal professionals, accountants, bookkeepers, tax advisers and other financial advisers, high-value dealers etc.

  • How to get compliant with UK AML requirements

To comply with UK AML requirements, businesses must develop and implement policies, controls and procedures to reduce the risk of being used in connection with ML and TF. Senior management is responsible for ensuring effective operations of the implemented controls and adequate resources devoted to AML/CTF. In particular, they must also conduct customer due diligence and ongoing monitoring of their customers. Additionally, businesses must train their employees on AML regulations and appoint a Money Laundering Reporting Officer (MLRO).

To stay compliant, businesses can partner with AML solution platforms. One such platform is Sumsub, which offers a comprehensive suite of AML compliance technologies that help businesses meet their regulatory obligations quickly and easily.

Article by Sumsub

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