Having been delayed by the general election, on 22 June 2017, the government finally published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The new Regulations came into force on Monday 26 June 2017 and implement the requirements of the 4th EU Money Laundering Directive.
Changes to anti-money laundering (AML) policies and procedures will be required under the new regulations.
Updated AML guidance for the accountancy sector from the Consultative Committee of Accountancy Bodies (CCAB) is expected to be published shortly and the FRC has published a consultation on revised guidance material for auditors on the AML requirements in UK legislation.
We have been in touch with subscribers to our Money Laundering Compliance Manual, setting out key changes and will finalise an update to the manual as guidance for the accountancy sector is published.
To help you become familiar with the changes being introduced you may be interested in our Money Laundering Update course. We’ll also have more on the changes being introduced in a future Newswire.
A copy of the new regulations can be accessed here.