Government attempts to clamp down on money laundering are to be tightened another notch from December 15.
The rules will apply to a range of businesses, from estate agents to tax advisers and banks to casino operators, and will require these businesses to make further checks on customers than under the existing legislation.
The new law will also require businesses to vary customer due diligence according to the risk of money laundering or terrorist financing and to take enhanced due diligence measures in higher risk situations.
The legislative change was required to enact the EU’s third money laundering directive, but are not a dramatic change to existing UK law, which already adopted a risk-based approach.
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