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Money Laundering Regulations - ID verification

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Money laundering is the exchange of criminally obtained money or assets for 'clean' money or assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism.

New Money Laundering Regulations took effect on 15 December 2007 and replaced the existing 2003 regulations.  Most UK financial and credit businesses are covered and are required to have appropriate anti-money laundering systems in place.

What do I need to do?

The regulations specify that you must identify and verify the identity of your customer. The procedure for doing this is very similar to the above ‘Eligibility to work in the UK’.

The regulations allow you to apply these measures on a risk-sensitive basis, which means that you can use your judgment to assess the risks of money laundering in your business and decide the level of enquiry and monitoring that is reasonable for your business activities and customers.

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