Category: AML Legislation updates

Customer Verification Biometric Facial Recognition

New Service – Customer Verification Biometric Facial Recognition, We are now pleased to be able in addition to our usual EV solutions add Biometric Facial Recognition to the customer onboarding process for both UK and overseas individual checks.

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Unexplained wealth orders

As part of The Criminal Finances Act UWOs, require individuals to explain various issues about an asset, including how it was obtained, including the source of the wealth, have been recently introduced to the UK.

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Policies and Procedures AML Regulations 2017

A complete set of templates which aids in the requirements in the Regulations for risk sensitive policies and procedures which are able to demonstrate to a supervisor your firm’s specific policies, controls & procedures for AML

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Anti Money Laundering verification platform

Access to the SmartSearch Platform through Business Tax Centre is on a ‘pay as you have used basis’ with no formal contractual amount payable, pay for your usage only.

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EU’s Fourth Anti-Money Laundering Directive

This is the first of a number of posts, looking at the implications EU’s Fourth Anti-Money Laundering Directive on the UK’s Regulated Sector

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The EU Fourth Money Laundering Directive adopted in June 2015

The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015. One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017.

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Government announces a new crackdown on corrupt professionals who help criminals

Lawyers, couriers and accountants could be jailed if they turn a blind eye to criminal activity they profit from, under Home Office plans. It wants to see a new offence of “participation in an organised crime group” to target those with reason to suspect they are part of an illegal enterprise. This offence is not

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European Parliament to Vote on the 4th Anti-Money Laundering Directive

The European Parliament on the 13th February will vote for legislative revisions to the current EU Anti-Money Laundering Directive (AMLD). This is a once-in-a-decade opportunity, the 3rd directive was voted on 17 December 2005. The proposed revised Anti-Money Laundering Directive should have a tremendous impact on the battles against corruption, drug trafficking, tax evasion and a range of other criminal activities all currently facilitated by the ease in which money can still be laundered across Europe today.

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Client Due Diligence – Beneficial Ownership list to be public, PM states

Ministers had already announced the register, intended to lift the “cloak of secrecy” around company ownership contained within the consultation document for ‘Trust and Transparency For UK Companies’. This consultation also raised a number areas of weaknesses concerning ownership and control and will affect client due diligence procedures for regulated entities.

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Money Laundering Transparency & Trust discussion paper

On 15 July, Dr Vince Cable, Secretary of State for Business, Innovation and Skills, announced the launch of the Transparency & Trust discussion paper. This sets out a number of proposals aimed at addressing opaque ownership structures and improving the accountability of company directors. The proposed reforms seek to promote growth by improving confidence in the UK as an open and trusted place to invest and do business. Greater transparency and improved trust will mean honest entrepreneurs and investors are more willing to do business in the UK and are not disadvantaged by those who don’t play by the rules.

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