On 26 June 2017, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into effect. The legislation can be found by clicking here. This brings into effect a number of key changes. Credit Unions need to ensure their policies and procedures are updated to reflect the changes.
The Joint Money Laundering Steering Group (JMLSG) have also issued draft guidance but are awaiting Ministerial approval so it can be finalised. JMLSG guidance is a useful source to see how the rules should be implemented.
Money Laundering Update
On 17 November 2017, the JMLSG published an update to their draft guidance. The changes are to take account of HM Treasury comments and late changes to the actual legislation. Please see the JMLSG website for the latest version of the guidance. The consultation on the changes finishes on 4 December. It is hoped that a final version of the guidance will be issued shortly thereafter. We will have further updates on our blog.