New Money Laundering Regulations available
Agents should note that the revised Money Laundering Regulations (Notice MLR8: Preventing money laundering and terrorist financing) have been updated and are available on the HMRC website.
Changes can be found outlined in full on the website, but the most important amendments for agents to note are:
l The demand that all businesses must have policy statements that document their risk-profiles and anti-money laundering procedures has been removed. This is intended to ease administration pressure on small firms with only a few employees or partners where there is less need for a written policy statement. The controls laid down elsewhere in the document, including the need for documentation of the business’s anti-money laundering risk management policy and procedure, are felt to be sufficient.
l Trust or Company Service Providers’ guidance has been added in Appendix 10, in accordance with the new requirement that these providers also place themselves under Money Laundering Regulations.