The Proceeds of Crime (Money Laundering) (Threshold Amount) Order, SI 2022/1355, increases the threshold up to which banks and other institutions can conduct transactions as part of operating a customer’s account without falling foul of anti-money laundering provisions. The order increases the threshold from £250 to £1,000.
The increase is intended to free up time for law enforcement agencies who can instead deploy resources more effectively. The £1,000 threshold applies from 5 January 2023.
The Proceeds of Crime (Money Laundering) (Threshold Amount) Order, SI 2022/1355, increases the threshold up to which banks and other institutions can conduct transactions as part of operating a customer’s account without falling foul of anti-money laundering provisions. The order increases the threshold from £250 to £1,000.
The increase is intended to free up time for law enforcement agencies who can instead deploy resources more effectively. The £1,000 threshold applies from 5 January 2023.
