New rules on Anti-Money Laundering

On 26th June 2017, The Money Laundering, Terrorist Financing and Transfer (information on the payer) of Funds Regulation 2017 (MLR 2017) came into force.

These regulations have now replaced the MLR 2007 regulations previously in place.

The government held two rounds of consultation including a consult on draft legislation to ensure the new regulations were fit for purpose and closed the gaps from the MLR 2007.

The full legislation can be found here

You should ensure policies are reviewed to stay compliant with the new regulations.