The 2003 Money Laundering Regulations

Abstract

Considers first the 1993 Money Laundering Regulations, which were introduced to implement the European Union’s 1991 Money Laundering Directive and were addressed specifically to the financial sector; they were amended by the Second Money Laundering Regulations 2001 [sic] to include money transmission offices and bureaux de change, and the 2003 Regulations followed. Details the types of business which the Regulations cover, and continues with what the Regulations require: customer identification, record keeping and training. Focuses on the identification requirement, which means that the institution must have procedures for obtaining satisfactory evidence of identity from the customer.