Peters & Peters

Dr Anna Bradshaw in Spear’s discussing the implications of the new money laundering regulations for HNWs

On 26 June 2017, The Money Laundering Terrorists Financing and Transfer of Funds (information on the Payer) Regulations 2017 came into force in the UK. One consequence is that more individuals and businesses will be classified as ‘high risk’ customers, triggering increased due diligence and monitoring obligations. The temptation for regulated persons will be to avoid or terminate customer relationships where the expected compliance burden outweighs the expected commercial benefit of a customer relationship. Read Anna’s article ‘Are HNWs at risk of becoming ‘unbankable’? here.

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