UK Money Laundering Reg UPDATE on domestic PEPs. [10 JAN]
07/01/2024
Just to remind you, next week on 10th Jan, an amendment to regulation 35 in the Money Laundering Regs in the UK comes into force on domestic PEPs.
What do you need to know?
- The starting point for any risk assessment on domestic PEPs should be lower-risk
- Lower-risk domestic PEPs should not be treated the same as non-domestic
- Risk-based enhanced due diligence should be applied.
If you are supervised by the FCA there should be no shocks as the current FCA guidance (which we expect to be updated this year) already expects firms to risk rate PEPs and take less intrusive measures for lower-risk scenarios
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.