The Money Laundering Regulations apply to a range of businesses and professional sectors, including:
- Estate agents.
- Solicitors.
- Independent legal professionals.
- Credit institutions.
- Financial institutions.
- Auditors.
- Insolvency practitioners.
- Accountants.
- Tax advisors.
- Trust or company service providers.
As part of a company risk assessment, most businesses will typically be classified as medium risk by default. However, where a business is regulated under the Money Laundering Regulations and can be verified against the relevant supervisory body or regulator, it will generally be considered low risk due to the additional oversight and compliance requirements it is subject to.