Few regulations are more vital to the financial services sector than those which tackle anti-money laundering (AML). A significant challenge for businesses, however, is that the laws are ever-changing.
“The regulations are frequently updated to address developments in the financial services industry, the new methods criminals employ and the recommendations of international bodies. Although the fundamental aim of the regulations remains consistent, the AML regime is becoming more complex and we can expect the regulations to continue to evolve,” says Shaul Brazil, a partner at BCL Solicitors.
Recent amendments to the regulations include the addition of further kinds of activity, such as cryptoasset businesses, the insertion of new high-risk factors to be taken into account when assessing the need for enhanced due diligence and the introduction of a requirement for firms to report discrepancies in beneficial ownership information.