March saw the AML guidance gain its final HM Treasury approval, and with the new oversight regulator Office for Professional Body Anti-money laundering Supervisors now set in legislation, focus turns to ensuring that the regulations are being complied with.
Consumers will continue to see firms wanting to understand the details of any transaction, the source and use of any money connected to the transaction, and requesting documents to confirm your identity. You should expect more enquiries than just, “Can I have a copy of your passport and a utility bill please”.
Authorised firms will be supervised by CILEx Regulation for compliance with the regulations.
If your firm is unregulated but either:
then you may need to be supervised for AML.
However, all unregulated firms should check whether they need to be supervised.
If you should be and are currently not being supervised, then let us know at: email@example.com so that we can see if you can be included within the support and guidance that we provide.