On 9 June 2026, The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 were made. An explanatory memorandum has also been published.
These Regulations make targeted amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. In particular it:
- Refines customer due diligence, enhanced due diligence and additional due diligence requirements, including for unusually complex or unusually large transactions, high risk jurisdictions and pooled client accounts and cryptoasset correspondent relationships.
- Updates currency thresholds from euros to sterling.
- Strengthens the regime for cryptoasset businesses in aligning it with the new financial services regulatory regime for cryptoassets established under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.
- Reforms the Trust Registration Service requirements to close identified gaps, while introducing a de minimis exemption for low-value, low-risk trusts.
- Brings the sale of “off-the-shelf” firms within the scope of regulated trust or company service provider activity.
- Clarifies that a firm is excluded from the definition of an “insurance undertaking” to the extent it is carrying out or effecting a contract of reinsurance.
Enhances information-sharing and cooperation between AML/CTF supervisors and other public bodies.