Who is included in the "Regulated Sector"

The Money Laundering Regulations 2007 cover a wide range of businesses and individuals providing goods and services where cash may be used in transactions.

Part 1 of Schedule 9 of the Act sets out the types of activity which would bring a business within the Regulated Sector.

These include credit and financial institutions, auditors, insolvency practitioners, external accountants and tax advisers, independent legal professionals, trust or company service providers and estate agents.

Businesses in these sectors come within the supervision of existing professional bodies such as The Law Society or the Institute of Chartered Accountants or governmental bodies such as the Financial Services Authority and, for estate agents, the Office of Fair Trading.

Outside these specialisations, casinos and high-value dealers are within the umbrella of the legislation. High-value dealers are regarded as those who may sell items worth more than 15,000 euros or handle sums such as these, including at auction sales.

Casinos are within the remit of the Gambling Commission while high-value dealers are subject to scrutiny by HM Revenue and Customs.

If your business is not within the Regulated Sector then the provisions of the Act will not apply to you. All other criminal offences contained within Part VII of the Act apply to those inside and outside the Regulated Sector.

Expert advice and training for firms of all sizes
With such a wide scope of everyday business activities within its remit, finding a way through the AML law needs guidance from experts who can advise on compliance and training for firms of all sizes.

ML Solutions 4U can tailor its training packages to suit your firm and its staff, enabling them to understand the importance of the anti-money laundering law and practical ways to cover your business while providing efficient services to your client or customer.

For more information on minimising the risks, find out what ML Solutions 4U can offer your organisation or to discuss if your business comes within the Regulated Sector, call our experts on 0845 872 7361 or complete the online enquiry form

Money Laundering Information » Money Laundering Laws Cover Regulated Sector