Which regulations govern anti-money laundering obligations in conveyancing?

• A. Data Protection Act 2018
• B. Money Laundering Regulations 2007 & Proceeds of Crime Act 2002
• C. Bribery Act 2010
• D. Financial Services Act 1986

Answer: (B)

The key idea here is the legal framework that imposes anti-money laundering duties on conveyancers. In the UK, those duties come from the Money Laundering Regulations 2007 (as updated over time) together with the Proceeds of Crime Act 2002. The Regulations require you to carry out customer due diligence, verify identity, assess and manage money‑laundering risk, keep proper records, and report suspicious activity. The Proceeds of Crime Act 2002 creates the offences of money laundering and provides the tools and processes for enforcement, including the requirement to report suspicions to the National Crime Agency. The other acts listed don’t specifically establish AML obligations in conveyancing: data protection concerns privacy, not money laundering; the Bribery Act focuses on bribery and corruption; and the Financial Services Act is broader regulation of financial services and not the direct AML framework for conveyancing.