United Kingdom: Consultation opened on amendments to the money laundering, terrorist financing and transfer of funds regulations

On 22 July 2021, the UK Treasury opened the consultation "Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 Statutory Instrument 2022". The consultation aims to update the UK’s Money Laundering Regulations (the MLRs) and concerns account information service providers and payment initiation service providers, telecoms, bill payment service providers, digital and IT service providers, etc. The consultation aims to uncover the specific risks posed by each of these services and the amount of data needed to correctly identify all the relevant players and reduce illicit financing whilst maintaining a high level of privacy for consumers. The consultation will be closed on 14 October 2021.