Part A Regulatory Matters, 7 Money Laundering Legislation

Subject(s):

Regulation of banks — Anti-terrorist financing — Criminal proceedings — Misuse of information — Money laundering

This chapter considers the impact of anti-money laundering and anti-terrorist financing legislation on a bank's business. It provides a broad international background to anti-money laundering initiatives. It also gives an overview of the UK regulatory environment. The chapter then explains customer identification requirements; the substantive money laundering offences created by the Proceeds of Crime Act 2002; anti-terrorism legislation; and the civil consequences of the anti-money laundering framework.