BCL partner Shaul Brazil has been quoted in Raconteur’s Fraud, Cybersecurity and Financial Crime report published in The Times today, discussing the evolution of anti-money laundering law and the implications for businesses.
Here is a short extract from the article*. If you wish to read the full article, please visit Raconteur website.
”Few regulations are more vital to the financial services sector than those which tackle anti-money laundering (AML). A significant challenge for businesses, however, is that the laws are ever-changing.
“The regulations are frequently updated to address developments in the financial services industry, the new methods criminals employ and the recommendations of international bodies. Although the fundamental aim of the regulations remains consistent, the AML regime is becoming more complex and we can expect the regulations to continue to evolve,” says Shaul Brazil, a partner at BCL Solicitors.
Recent amendments to the regulations include the addition of further kinds of activity, such as cryptoasset businesses, the insertion of new high-risk factors to be taken into account when assessing the need for enhanced due diligence and the introduction of a requirement for firms to report discrepancies in beneficial ownership information.
The reach of AML regulations extends from global financial organisations to small startups. All of them, though, must satisfy a wide range of requirements. These include conducting risk assessments and implementing AML procedures such as due diligence on new customers, record-keeping, training, appointing compliance officers and making reports. Constant vigilance is required to satisfy some in particular, such as evaluation of customers (especially those who are high risk), monitoring transactions (including bank deposits), and detecting suspicious activities that might need to be reported to the relevant authorities.”
*This article was first published by Raconteur on 26 July 2022. If you wish to read the full article, please visit Raconteur website.
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