Amendments to Anti – Money Laundering and Counter-Terrorist Financing Law

The Treasury has issued the Money Laundering and Terrorist Financing (Amendment) Regulations 2023 under the authority of the Sanctions and Anti-Money Laundering Act 2018. These regulations, effective from January 10, 2024, apply to England and Wales, Scotland, and Northern Ireland. They amend Regulation 35 of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 regarding enhanced customer due diligence for politically exposed persons (PEPs). Domestic PEPs, as defined, are now considered to pose a lower risk level compared to non-domestic PEPs, unless specific enhanced risk factors are present. The amendments aim to align with the Financial Services and Markets Act 2023 and ensure appropriate risk assessment standards. For detailed impact assessment, contact HM Treasury.

The original document can be accessed at this link.

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