AML/CFT regulations: first stage commences

  • Legal update

    02 August 2023

AML/CFT regulations: first stage commences Desktop Image AML/CFT regulations: first stage commences Mobile Image

On Monday 31 July, the first stage of the amendment regulations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 came into force.

These amendments, spread over all five of the sets of amendment regulations, make up around half of the overall number of changes – including many of the more prominent ones, such as around beneficial owners, wire transfers, prescribed transactions, and virtual assets.  For more detail on the amendment regulations, please see our earlier discussion.

At the time of this alert, the text of the principal regulations has not yet been updated to incorporate these amendments, so, for the time being, care should be taken to look at both them and the amendment regulations.

If you have any questions in relation to the amendment regulations, the principal regulations, or the AML/CFT regime more generally, please contact one of our experts. 

This article was co-authored by Sam Short, a Senior Solicitor in our Banking and Financial Services team.