What is the scope of the Guidance ?
The Guidance sets out what is expected of firms and their staff in relation to the prevention of money laundering and terrorist financing, but allows them some discretion as to how they apply the requirements of the UK AML/CTF regime in the particular circumstances of the firm, and its products, services, transactions and customers.
The Guidance relates solely to how firms should fulfill their obligations under the AML/CTF law and regulations. It is important that customers understand that production of the required evidence of identity does not automatically qualify them for access to the product or service they may be seeking; firms bring to bear other, commercial considerations in deciding whether particular customers should be taken on.
The Guidance covers the prevention of money laundering and terrorist financing. Money laundering and terrorist financing risks are closely related to the risks of other financial crime, such as fraud. Fraud and market abuse, as separate offences, are not dealt with in the Guidance. The Guidance does, however, apply to dealing with any proceeds of crime that arise from these activities.