New UK money-laundering requirements kick in

UK regulator sets out the new responsibilities for MLROs from December 15, 2007

LONDON – The UK Financial Services Authority (FSA) has published a letter addressed to money-laundering reporting officers (MLROs) of authorised firms that outlines the responsibilities they will face under the 2007 Money Laundering Regulations (MLR), which take effect on December 15 2007.

The letter highlighted the notification requirements under the MLR, which include requirements for authorised persons to notify the FSA by January 15, 2008 if their firm is a trust or company service provider; operates a currency exchange office; transmits money (or any representations of money) by any means; cashes cheques made payable to customers; and/or is subject to the EU Payments Regulation, which requires electronic transfers of funds to be accompanied by complete information on the payer. Although firms are not legally obliged to tell the FSA if they are subject to the EU Payments Regulation, the FSA has indicated that it would be grateful if firms did so.

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