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HM Treasury has published a  consultation on ‘Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022' and ‘Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime’.

The Economic Crime Plan 2019-22, published in 2019, set out the collective public-private response to economic crime. This included a review of the Anti-money Laundering regulations (AML) and the Oversight of Professional Body Anti-Money Laundering and Counter-Terrorist Financing Supervision Regulations 2017 (OPBAS regulations).

Since leaving the EU, the UK also needs to set some AML measures into its own primary legislation. The AML regulations' consultation seeks views on a wide range of items many of which will potentially impact professional firms, including:

The Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime aims to assess MLRs and OPBAS regulations and supervisory regimes by looking at three themes:

1. The overall effectiveness of the regimes and their extent (i.e. the sectors in scope as relevant entities).

2. Whether key elements of the current regulations are operating as intended.

3. The structure of the supervisory regime including the work of OPBAS to improve the effectiveness and consistency of PBS supervision.

Both the consultation and call for evidence run until 14 October 2021.

Useful guides on this topic

Anti-Money Laundering Zone
AML Zone contains checklists and guidance on the Anti-Money Laundering requirements that businesses need to follow

External links

Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime

Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022


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