From 10 January 2020, firms are required to comply with new Anti Money Laundering (AML) regulation, bringing the UK in line with international standards set by the Financial Action Task Force (FATF).

What does that mean for you?

The highlights of the new regulation include:

  • Increased importance on the acceptable use of electronic verification methods in confirming identity
  • Expands the scope of AML obligations to virtual currencies, e-money, pre-paid cards and high value transactions considered high risk
  • The introduction of new ‘high-risk’ factors you need to consider when assessing the need for enhanced due diligence
  • New minimum e-money thresholds for customer due diligence (CDD)
  • A requirement to update your records relating to the beneficial ownership of corporate clients
  • You must now report any discrepancies to Companies House between the information you hold on a corporate customer and the information held in the Companies House Register

To read more, please consult the Financial Conduct Authority’s website.