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You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:

1. •

   your organisation-wide risk assessment—see Practice Note: Money Laundering Regulations 2017—identifying and assessing organisation-wide risks and Precedent: Money laundering, terrorist financing and proliferation financing organisation-wide risk assessment

2. •

   relevant information made available to you by your supervisory authority, and

3. •

   the risk factors set out at section: Assessing the risk

This Practice Note explains your options around SDD and what it means for you in practice. It reflects the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It provides guidance which is of general application. You should check whether the MLR 2017 contain additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to SDD.

Counter-proliferation financing is the most recent addition to the long-established anti-money laundering (AML)