The Treasury has launched a consultation which looks at the effectiveness of the UK’s principal anti-money laundering rules, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 (MLRs). The consultation considers four main themes:
the customer due diligence requirements, looking particularly at the balance between risk and the burdens on business;
information sharing and collaboration across the anti-money laundering and counter-terrorist financing regime;
ensuring the scope of the regulations keeps pace with wider regulatory and market changes; and
reviewing the Trust Registration Service requirements to increase transparency but at the same time mitigate against administrative burdens for low-risk trusts.
Responses are invited by 11:59pm on 9 June 2024. A parallel survey on the cost of compliance with the MLRs has also been launched to help the Treasury assess the impact of any potential future changes.
The Treasury has launched a consultation which looks at the effectiveness of the UK’s principal anti-money laundering rules, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692 (MLRs). The consultation considers four main themes:
the customer due diligence requirements, looking particularly at the balance between risk and the burdens on business;
information sharing and collaboration across the anti-money laundering and counter-terrorist financing regime;
ensuring the scope of the regulations keeps pace with wider regulatory and market changes; and
reviewing the Trust Registration Service requirements to increase transparency but at the same time mitigate against administrative burdens for low-risk trusts.
Responses are invited by 11:59pm on 9 June 2024. A parallel survey on the cost of compliance with the MLRs has also been launched to help the Treasury assess the impact of any potential future changes.
