The UK's anti-money laundering framework is primarily governed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), as amended. These regulations implement EU Anti-Money Laundering Directives and apply to a wide range of businesses.
Regulated businesses must conduct customer due diligence (CDD), maintain records, report suspicious activity to the National Crime Agency (NCA) via Suspicious Activity Reports (SARs), and register with an appropriate supervisory authority. HMRC supervises over 30,000 businesses for AML compliance.
Key AML obligations include verifying customer identity, understanding the nature of the business relationship, monitoring transactions for suspicious activity, and conducting enhanced due diligence for high-risk customers such as Politically Exposed Persons (PEPs).
BORSCH.AI integrates HMRC's AML Supervised Business Register covering 26,500+ matched companies, alongside UK sanctions data, ICIJ offshore records, and OpenSanctions data to provide comprehensive financial crime risk assessment.