UK Implements New Anti-Money Laundering Rules
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- The UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017. The Regulations and the Proceeds of Crime Act 2002 now constitute the UK’s primary anti-money laundering legislation.
- The Regulations represent a significant evolution of the UK’s anti-money laundering laws and impose greater compliance burdens on regulated entities and their employees.
- The key aspects of the Regulations include: requiring a written assessment of money laundering risk, prescribing certain features of effective internal controls, detailing when different categories of customer due diligence must be conducted and what steps must be taken, and specifying beneficial ownership information that trusts must provide for inclusion on a central register.