When assessing the scope of the UK Money Laundering Regulations, the organisation's activity and the current provisions must be considered together. This guide explains the distinction between product controls and institutional processes.
Institutional processes
Risk assessment, customer due diligence and ongoing monitoring needs are not limited to software. Policy, accountability, staff and record-keeping arrangements are assessed as well.
The role of technology
Identity verification and screening tools can produce data and results for specific controls. An API response does not mean the organisation has met all of its MLR requirements.
Verify the current scope
Track changes through the principal regulation and official statements. Do not treat another organisation's processes, rates or thresholds as universal rules for your own institution.
This content is general information. Determine the requirements that apply to your institution from current official sources and your own assessment process.
See the related product scope → Compliance approach
Legichain — technology for identity verification, AML and blockchain screening. Contact: [email protected]