From the blog: New money laundering regulations came into force in June 2017, implementing the EU’s Fourth Money Laundering Directive and replacing the Money Laundering Regulations 2007.
The precise scope of the duties placed on trustees remained unclear until HMRC published guidance (in the form of FAQs) in November 2017.
While the new requirements appear proportionate given the legitimate aims of disrupting money laundering and terrorist financing, trustees may be dismayed to learn that the regulations are unlikely to be the final word.