On 26 June 2017, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 replaced the Money Laundering Regulations 2007 and introduced some important changes.

Key changes include:

  • HMRC are now the supervisory body for Bill Payment Providers and Telecommunication, digital and IT payment service providers: this is in addition to any relevant business not supervised by some other body
  • High Value Dealers (HVDs), which are subject to supervision by HMRC are those that deal in cash transactions of €10,000. This has been reduced from €15,000 and the rules now cover those who make cash payments above this threshold and those who receive cash payments above this threshold.
  • A new €250 monthly limit and storage applies to e-money produces, such as gift cards. Where in excess of this limit, the customer will be subject to due diligence.
  • Estate agents will have to apply due diligence to both buyers and sellers in a transaction.
  • Trustees will have to hold information about beneficial owners, unless it is a low risk trust: from January 2018 these details will be held on HMRC's online trust register where the trustee is liable to tax.
  • Records of the due diligence process carried out and any transaction data must be retained for five years after the relationship ends.

The various supervisory bodies are likely to follow the new regulations with more information for their members.

HMRC have already updated many of its guides on Money Laundering.

Links

Money Laundering Regulations: Accountant’s Registration

Money Laundering Checks: know your client

HMRC’s Money Laundering regulations guides

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017


 

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