Businesses face more complex and time-consuming customer due diligence challenges when tougher anti-money laundering laws come into force on June 26th 2017
Life is about to get tougher for money launderers. One of the new government’s first tasks will be to approve draft regulations to implement EU 4MLD[i]. These new regulations, with their more rigorous approach, apply to banks and other relevant persons[ii]. One of the major changes is the need to thoroughly search for adverse information on potential and existing customers and to evidence this has been done. Carrying out Customer Due Diligence (CDD) manually on entities which are abroad is particularly demanding.
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