HM Treasury in the UK has issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. The areas where there will be change are listed in the response and reproduced below.
• Enhanced due diligence on complex transactions
• Enhanced due diligence on high-risk third countries
• Due diligence on pooled client accounts
• Due diligence triggers for certain non-financial firms
• Onboarding of customers in bank insolvency scenarios
• Information sharing between supervisors and other public bodies
• Supervisor cooperation with Companies House
• Currency thresholds currently in euros
• Regulation of sale of ‘off-the-shelf’ companies by Trust and Company Service Providers
• Registration and change in control for cryptoasset service providers
• Registration requirements for the Trust Registration Service
In addition, improvements in sectoral guidance in some areas will be sought and HM Treasury and the Department for Science, Innovation and Technology will jointly produce guidance on using digital identities for MLRs identity verification checks.
The response states the intention to publish a draft Statutory Instrument in the coming months for technical feedback, before laying in Parliament later this year time permitting.
Readers can access the consultation response on MLRs here.
This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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