Criminals employ a range of techniques to clean their “dirty money”. Professionals working in the accountancy, legal and property sectors are being targeted because of their expert skills and services (National Risk Assessment 2017), which can give a cloak of legitimacy to illicit cash. This gives professionals a crucial role to play in protecting the […]
Read MoreMoney Laundering Regulations 2017: What do the new rules mean for CDD?
Following Treasury’s initial consultation on how to implement MLD4 in September 2016, it has now published the feedback to that consultation and the draft Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLR 2017). Time is now running short, and the legislation must be in force by 26 […]
Read MoreFCA Consults on Guidance on the Treatment of PEPs Under the Money Laundering Regulations 2017
The FCA has published a consultation on proposed guidance (GC17/02) on the treatment of politically exposed persons (PEPs) under the proposed draft Money Laundering Regulations 2017 (see daily news 16 March 2017). The proposed guidance clarifies who should be considered a PEP and sets out the requirements on how firms can take a proportionate, risk […]
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