I'd say the single most important thing is to BE METHODICAL. The chances of you coming across a suspicious transaction in this field are pretty remote, so your principal risk is that, when you get a visit from your supervising authority, you could be found to be deficient in your record-keeping.

There's two aspects to record-keeping: getting the stuff you need, and being able to produce it.

(1) Getting the stuff you need
This will vary, dependent upon whether your client is an individual, company, partnership, etc. Work up a checklist for each sort of client so you don't miss anything.

(2) Being able to produce it
Recoverability is key; if you can't pull the client ID when it's asked for, you may as well not have done it. Good, structured filing counts for a lot.

Communicate the checklists and filing protocols to everyone as part of your mandated training. Being able to demonstrate structured processes will be a good defence in those inevitable occasional failures that are simply unavoidable.

Sample-test files to make sure things are being done right. Keep records of the sample testing, again for defensive purposes. If the sampling shows weaknesses on IDing certain types of client, consider whether the process needs improving, or if more guidance to staff is indicated. If particular staffers seem to be weak on doing what's required, give them some one-to-one time and put them on enhanced monitoring.

Key online resources:

Legislation: I would counsel against using the OPSI (ex-HMSO) website because that only gives you things 'as enacted'; for consolidated texts that include amendments go to www.statutelaw.gov.uk (and not just for money laundering).

Guidance: You'll need to take the JMLSG guidance into account, because that provides quite a 'safe harbour'. Get it from www.jmlsg.org.uk .

Help: There are a few specialists out there if you need hand-holding. I'd not hesitate to recommend Sue Grossey (www.thinkingaboutcrime.com). If user groups and networking is more your thing, I'd advise checking out www.amlpforum.com .

Final thought - we all talk about 'money laundering', but that's not a phrase I like to use because that's only part of the story. 'AML/CTF' covers things better but is really just jargon, so I tend to use 'financial crime'. But, especially if you were in London in July '05, don't ever lose sight of the fact we're talking about terrorist financing too.