Joe French, Head
of Financial Crime at Newgate
Compliance (an Ocorian company) breaks down the UK
Government's proposed amendments to the UK's anti-money
laundering framework. The purpose of these amendments is to ensure
that the UK is meeting international AML/CTF standards set by the
Financial Action Task Force (FATF).
The UK Government has recently published a consultation
paper covering various proposed amendments to the UK's
anti-money laundering framework. The purpose of these amendments is
to ensure that the UK is meeting international AML/CTF standards
set by the Financial Action Task Force (FATF).
TRANSFERS OF CRYPTOASSETS
It is proposed that cryptoasset firms will need to put in place
systems for ensuring that personal information of the originator
and beneficiary of a cryptoasset transfer, including name, address,
account number and personal document number, is transmitted and
received alongside the transfer. The information requirement will
differ
