The government has set out details of the changes to anti-money laundering rules which come into effect from 1 October. These proposals were set out in July 2012 following consultation and are expected to save businesses around £3m a year. The new rules include:1.extending the use of reliance on third party customer due diligence to minimise duplication of checks; 2.exempting credit institutions that offer time to pay for non-refundable services but do not lend or advance money;3.UK estate agents selling overseas property will have to comply;4.fit and proper persons' test applied by HMRC will be amended to decide whether a person is suitable to run a money service business;5.clarifying the right of an individual to appeal against an HMRC decision that he or she is not a fit and proper person; and 6.amending the enforcement powers of the Office of Fair Trading, HMRC and Financial Services Authority to ensure compliance with the regulations.
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