HM Treasury has published a consultation on updating money laundering regulations, which put pressure on businesses and financial institutions to identify the threats.
In the 2022 Review of anti-money laundering and counter-terrorist financing regulation, it was concluded that key requirements were “fit for purpose” but a number of technical changes could be implemented to enhance effectiveness and ensure proportional accountability for firms and customers.
Hannah Rutter, Deputy Director, Department for Science, Innovation and Technology, said the consultation was an “opportunity” to demonstrate why digital identity services should be referenced in the regulations to tackle the problem, and provide clarity on the scope of the MLRs.
“Trust worthy digital identity products can make things easier and more secure – as well as saving regulated industries time and money. Get responding!” she said.
The consultation put forward the views lobbied by key stakeholders such as, anti-money laundering and counter terrorist financing supervisors, the regulated industries and their representative bodies.
In conjunction, HM Treasury is running a survey on the cost of compliance with the MLRs for regulated businesses and to assess the impact revisions to MLRs could have.
