Consolidating our AML/CFT Handbooks, updating E-ID section and consulting on extension of mandatory Codes of Practice to Supervised Persons

Last week, we announced that we will be consolidating the AML/CFT Handbooks later this year. This means that the Handbook for regulated financial services business, the Handbook for the accountancy sector, the Handbook for the legal sector and the Handbook for estate agents and high value dealers will be merged into one. We have consulted on this change previously.

This change will make it easier for businesses that operate in multiple sectors as they will only need to refer to one Handbook. It also means we can be more efficient with any changes that we make.

We are also revisiting the Handbook section on electronic identification (E-ID). This update will give businesses more clarity on which verification methods we would expect them to be using.

In this short update, Pia Holm, a Senior Adviser from our Policy team, explains in more detail why we are making these changes and what it may mean for you and your business.

Consultation

Later this year, we will be consulting on the extension to render mandatory the Codes of Practice sections of the Handbook to all Supervised Persons. Your feedback will be really important to us and it will allow us to understand any potential unintended consequences of this work.

You can find more information on some of the other more significant pieces of work that we are focusing on between now and the end of year, which are likely to have implications for you and your business in our update.