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New money laundering regulations

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The Money Laundering and Terrorist Financing (Amendment) Regulations, SI 2022/137 amend the principal Anti-Money Laundering Regulations (SI 2017/692) to delay the main deadline in reg 45 (register of beneficial ownership) for registering existing trusts by six months to 1 September 2022. The time limit for registering new taxable trusts is also extended from 30 days after becoming liable to pay tax to 90 days, as is the requirement to update various other trust details.

A number of changes are made to Sch 3A of the principal Regulations which prescribes trusts which are not registrable under reg 45. A number of situations are added involving trusts of insurance policies, and bank and building society accounts which are opened solely for the benefit of children are excluded from registration where the provider requires the account to be held within a trust.

The regulations also delay the introduction of replacement reg 30A to the principal regulations. New reg 30A (requirement to report discrepancies in registers) will also now come into force on 1 September 2022 rather than 10 March 2022 as originally intended.

The new regulations themselves come into force on 9 March 2022.

Issue: 1564
Categories: News