Money Laundering Regulation Update 2017

Tue 20th Jun 2017
Money Laundering Regulation Update 2017

There are a number of updates and new laws coming in to force but one key one that will affect everyone includes money laundering.

As summer approaches, everyone is looking forward to their holidays which usually increases credit card fraud! However, the latest legislation change is set to change this. With the current money laundering legislations being 10 years old, the latest update aims to make money laundering harder and to reduce credit card fraud.

The new legislation is making companies like nexpay more responsible for monitoring financial rules, making it harder to fund terrorism too.

"Suddenly there is a sense of urgency around the UK's implementation of the fourth Money Laundering Directive," says the website for financial experts Bond Dickinson.

"All businesses covered by the regulations will need to make changes to their procedures, systems and controls to comply with the requirement."

As of 26 June 2017, companies will be expected to carry out extra due diligence on their financial systems to also help prevent terrorist funding including e-money and pre-paid credit cards. The new regulations will only apply to people engaging in financial activity on a very occasional basis with a turnover of under £100,000.

For more information, visit: https://www.gov.uk/government/consultations/money-laundering-regulations-2017/money-laundering-regulations-2017