ECL12200 | Regulated business

A person is in scope to the ECL if they carry on a regulated business at any point during the financial year.

A regulated business means a business carried on by a person by virtue of them being a relevant person within the meaning of regulation 8(1) of the Money Laundering Regulations.

A person carrying on a regulated business will be supervised for anti-money laundering purposes by a public body, Government department and/or a Professional Body Supervisor. Each of those bodies already has responsibility for supervising the regulated businesses in certain sectors of the economy for the purposes of preventing money laundering.