Compliance tools · Corporate governance, employment and financial

MLR 2017 compliance tool

SI 2017/692 · United Kingdom · Binding instrument

Name anyone on your staff. The system makes them your compliance person.

A member of your own staff, with no compliance background, reads the training module, answers the interview, and finishes with your MLR 2017 documentation cited article by article. The knowledge stays in the business.

Every account level runs inside a dedicated Claude account. Anyone can try a toolkit in their own Claude account; compliance work runs in a dedicated one. The Claude Max plan is £90 a month, paid to Anthropic, and is not included in any level.

See a finished report before you pay

MLR 2017 is SI 2017/692, a binding instrument in the United Kingdom. UK money laundering regulations for relevant businesses.

The free assessment screens for MLR 2017 when a business provides regulated financial services. The Regulations also bind accountants, auditors, tax advisers, legal professionals, trust or company service providers, estate and letting agents, high value dealers, casinos, art market participants and cryptoasset firms.

Sectors this instrument reaches: credit institutions; financial institutions; auditors; insolvency practitioners; external accountants; tax advisers; independent legal professionals; trust or company service providers; estate agents; letting agents; high value dealers; casinos; art market participants; cryptoasset exchange providers; custodian wallet providers; auction platforms.

Screen your business against all 116 agent toolkits, free →

• Your exact position under MLR 2017: what is in place, what is missing, and what to do about each gap.
• Documentation with article citations, ready for auditors, insurers, customers and public buyers.
• A trained person inside the business who understands what the regulation requires, and stays.
• A dated record of every section completed, with the reports themselves staying in your own Claude account. The toolkit is carried by an account level, see the plans.
• All of it completed in-house, at your own pace, without booking a single meeting.

Check that MLR 2017 applies to your business, free →

Does MLR 2017 apply to my business?

You are caught if you act as a relevant person in the course of business carried on in the United Kingdom. Regulation 8(2) lists the categories, including credit institutions, financial institutions, auditors, insolvency practitioners, external accountants, tax advisers, independent legal professionals, trust or company service providers, estate agents, letting agents, high value dealers, casinos, art market participants, cryptoasset exchange providers, custodian wallet providers and auction platforms.

Who does MLR 2017 apply to?

The Regulations apply to relevant persons acting in the course of business carried on in the United Kingdom. Regulation 8(2) sets out the full list of relevant person categories, and regulation 10 defines credit institution and financial institution.

Does MLR 2017 apply to a small business?

There is no size threshold or size exemption for being a relevant person. Regulation 18 requires risk assessment steps appropriate having regard to the size and nature of the business, regulation 19 requires policies, controls and procedures proportionate with regard to the size and nature of the business, and regulation 21 requires governance measures where appropriate to the size and nature of the business.

When does MLR 2017 apply from, and what are the deadlines?

The Regulations came into force on 26 June 2017 (regulation 1). Deadlines include 14 days to notify the supervisory authority of a compliance officer or nominated officer appointment (regulation 21), 28 days for FCA activity notifications (regulation 23), 30 days for conviction notification and material change reports (regulations 26 and 57(4)), 31 January for annual trust register updates (regulation 45(9)(a)), 90 days for trust registration and change notifications (regulations 45(3)(c) and 45ZA(5)(b)), three working days for cryptoasset information requests (regulation 64C(2)), and five years minimum record retention (regulation 40(1) to (3)).

What does MLR 2017 require me to do?

You must conduct and maintain a written risk assessment (regulations 18 and 18A), establish, maintain and document policies, controls and procedures (regulations 19 and 19A), appoint a compliance officer and a nominated officer (regulation 21), carry out customer due diligence (regulations 27, 28, 30 and 30A), apply enhanced due diligence in high-risk situations (regulations 33 and 34), screen politically exposed persons (regulation 35), keep records (regulation 40), and register where required (regulations 56 and 57).

What records or documents does MLR 2017 require me to keep or produce?

You must keep customer due diligence and transaction records for at least five years from completion of the occasional transaction or end of the business relationship (regulation 40(1) to (3)), and you are not required to keep records of transactions in a business relationship for more than 10 years (regulation 40(4)). Trustees paid to act as trustees must retain beneficial ownership records for five years after the final distribution under the trust (regulation 44(9)).

What happens if I do not comply with MLR 2017?

Acting as beneficial owner, officer or manager of a relevant firm without supervisory authority approval is a criminal offence under regulation 26, punishable on indictment by up to 2 years imprisonment and an unlimited fine. The FCA and the Commissioners may impose civil penalties of such amount as they consider appropriate and publish a censure statement (regulation 76(1) and (2)), and the FCA may prohibit an individual from holding a management role (regulation 78(2)).

How do I start complying with MLR 2017?

The first practical step is to conduct and maintain a written risk assessment for money laundering, terrorist financing and proliferation financing under regulations 18 and 18A.

Which ComplianceSME account includes the MLR 2017 toolkit?

The MLR 2017 agent toolkit is included from the Small level.

Related in corporate governance, employment and financial: CSRD · CS3D / CSDDD · EU AML Regulation · EU Taxonomy Regulation