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Money laundering update: new regulations in force

17 July 17

Regulations previewed in the two previous issues have now been made

The new money laundering regulations previewed at Journal, May, 41 and Journal, June, 44, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, were suddenly laid before the UK Parliament on 22 June and came into force on Monday, 26 June.

The new regulations are available to read online. Further guidance is awaited and the Society will keep members updated as to its availability. For the current position, check the Society's website.

Solicitors will also be updated as soon as possible on the Society’s supervisory approach in the initial months of the new regulations – this is currently the subject of discussion between HM Treasury and the UK supervisors.

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