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Are you compliant?
KEY POINTS
- The professional bodies and HMRC provide analysis of the new anti-money laundering regime.
- Risk-based approach to identifying potential money-laundering situations.
- Firms must appoint an individual at board or management level to take responsibility for compliance.
- Changes to due diligence processes.
It is more than a little ironic that one of the first acts of the new ‘Brexit’ parliament was to introduce new regulations ensuring that the UK remained compliant with the EU’s fourth anti-money laundering (AML) directive. Indeed parliament had to break its own rules to rush through the regulations and remain EU compliant.
The EU required national governments to align national legislation with the directive by 26 June. In the UK that is achieved through a statutory instrument. Parliamentary convention normally allows 21 days between the laying of a statutory...
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