Money Laundering Regulations Amendment Takes Effect
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 came into force on 30 June 2026, making 15 targeted changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Accountancy firms and other professional bodies have already updated their anti-money laundering guidance to reflect these changes.
These amendments streamline several compliance procedures and reduce some administrative burdens, but they also introduce new operational requirements. Firms must now ensure their AML/MLRO policies, staff training, and due diligence procedures align with the updated regulations.
Key changes include: Clarifications on beneficial ownership reporting, simplified procedures for certain low-risk customers, and updated guidance on suspicious activity reporting. All firms acting as accountants or auditors must have an appointed Money Laundering Reporting Officer (MLRO) and up-to-date written policies.
If you have not yet reviewed your AML compliance procedures against the June 2026 amendments, now is the time. Our consulting services can help you audit your firm's compliance framework and implement necessary changes. Non-compliance carries significant penalties, including fines up to £5,000 and reputational damage.