Following publication of the FCA’s guidance on ‘The treatment of politically exposed persons for anti-money laundering purposes’ on 11 July (see http://bit.ly/2vyahYx), HMRC has updated its four sets of money laundering supervision guidance, covering estate agency businesses, high value dealers, money service businesses, and trust or company service providers.
The sections of the HMRC guidance on ‘politically exposed persons’ now contains more detailed descriptions of who does, and does not, fall within the definition, and examples of the sort of enhanced due diligence checks that businesses should consider.
The sections on simplified due diligence (SDD) checks have also been expanded, confirming that businesses will still be required to verify the identity of customers and beneficial owners as part of SDD, but will have discretion over when this is done and the type of checks they carry out.
Following publication of the FCA’s guidance on ‘The treatment of politically exposed persons for anti-money laundering purposes’ on 11 July (see http://bit.ly/2vyahYx), HMRC has updated its four sets of money laundering supervision guidance, covering estate agency businesses, high value dealers, money service businesses, and trust or company service providers.
The sections of the HMRC guidance on ‘politically exposed persons’ now contains more detailed descriptions of who does, and does not, fall within the definition, and examples of the sort of enhanced due diligence checks that businesses should consider.
The sections on simplified due diligence (SDD) checks have also been expanded, confirming that businesses will still be required to verify the identity of customers and beneficial owners as part of SDD, but will have discretion over when this is done and the type of checks they carry out.
