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The Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which require businesses to identify and prevent money laundering and terrorist financing.
It covers four core themes - making customer due diligence more proportionate, strengthening system co-ordination, clarifying the scope of the regulations and reforming trust registration service requirements.
Responses should be submitted online by 9 June 2024.
In parallel with this consultation, the Treasury is running a survey on the cost of compliance with the regulations to help it assess the impact of future changes to the MLRs.
