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Ministers intend to reduce the regulatory burden imposed on small firms by rules aimed at tackling money laundering regime, while strengthening the overall regime.
The government has published its response to a consultation on changes to the Money Laundering Regulations 2007 and the impact assessment of the proposed revamp, which will apply to businesses at low risk of money laundering and terrorist financing and therefore not required to be regulated to the same extent as other institutions, under current global standards.
The aim of the changes is to make the UK’s money laundering regime more effective and proportionate, with the proposed changes saving firms around £3m a year.
The changes to the regulations will come into force on 1 October.
