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The response supports an effective AML supervisory regime and proposes changes to keep the legislation proportionate, including updating currency thresholds to pound sterling and strengthening information sharing. Key concerns include wording changes in regulation 33(1)(f), non-mandatory requirements for high-risk third countries, and alignment of identity verification requirements to avoid uncertainty, confusion, and increased costs. ACCA also notes continued uncertainty due to delayed publication of consultation outcomes.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/improving-the-effectiveness-of-the-money-laundering-regulations-acca-comments-tech-cdr-2129/159711/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/improving-the-effectiveness-of-the-money-laundering-regulations-acca-comments-tech-cdr-2129/159711.png","ImageObject",300,407,{"name":92,"@type":93},"Jacob","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-08-29",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is ACCA’s overall position on HM Treasury’s proposed changes to the MLRs?","Question",{"text":112,"@type":113},"ACCA is generally supportive of changes intended to keep the MLRs proportionate and effective, including updating currency thresholds to pound sterling and strengthening information sharing.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Why does ACCA raise concerns about proposed wording changes in regulation 33(1)(f)?",{"text":117,"@type":113},"ACCA believes changing ‘complex’ to ‘unusually complex’ would create uncertainty and inconsistency in how the rule is applied.",{"name":119,"@type":110,"acceptedAnswer":120},"What concerns does ACCA have regarding non-mandatory high-risk third-country requirements?",{"text":121,"@type":113},"ACCA is concerned that making the requirements non-mandatory may lead firms to conduct inadequate checks because there would be no mandatory obligation.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},159711,1790361546,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":56,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144},962084931830,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","Improving the effectiveness of the Money Laundering Regulations  \nA consultation issued for public consultation by HM Treasury (HMT)  \nComments from ACCA  \n7 June 2024  \nRef: TECH-CDR-2129  \nWe are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.  \nFounded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and  \n526,000 future members in 180 countries.  \nOur forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.  \nGuided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educatorsand other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.  \n[Find out more at:](Find out more at: www.accaglobal.com)[ ](Find out more at: www.accaglobal.com)[www.accaglobal.com](Find out more at: www.accaglobal.com)  \nFurther information about ACCA’s comments on the matters discussed here can be requested from:  \nStefan Pegram  \nDirector – Practice Regulation  \n[stefan.pegram@accaglobal.com](stefan.pegram@accaglobal.com)  \nWesley Walsh  \nHead of AML  \n[wesley.walsh@accaglobal.com](wesley.walsh@accaglobal.com)  \nGENERAL COMMENTS  \nACCA is a Professional Body Supervisor (PBS) for anti-money laundering (AML) in the UK. We welcome the opportunity to provide views on the government’s proposals to improve the effectiveness of the Money Laundering Regulations (MLRs) . Our response to this consultation has been informed by input obtained from our supervised population and discussions with other accountancy PBSs.  \nACCA fully supports the development of an effective UK AML supervisory regime that provides confidence in the UK as a safe, transparent and compliant jurisdiction to conduct business in. We believe that a robust and effective framework to tackle economic crime will help improve and facilitate further commercial activity for businesses in the UK.  \nWe are generally supportive of the proposed changes to the MLRs to ensure that the legislation remains proportionate and effective. For example, we welcome the proposals to update the MLRs so that financial thresholds are in pound sterling rather than euros, and the suggested proposals to strengthen information sharing.  \nHowever, we have identified some areas of concern and these are highlighted in our responses to the questions raised where appropriate. In particular, we have concerns about the proposal to change the wording in regulation 33(1)(f) from ‘complex’ to ‘unusually complex’ as we believe this will create uncertainty and inconsistency of application. We also have concerns about the implications of making the list of requirements for high-risk third countries non-mandatory, and the potential consequence that firms may not conduct appropriate checks because there is no mandatory requirement.  \nWe also note that changes to UK company law relating to identity verification are being introduced. ACCA supports the strengthening of the integrity of the Companies House register and the benefits this will bring. However, we suggest that alignment of the identity requirements across all the regulations is essential, as differences in the statutory requirements could result in confusion and additional cost and reduce the effectiveness of regulatory aims.  \nFinally, we are disappointed that HMT is yet to publish the outcome to the public consultation on the Reform of the Anti-Money Laundering and Counter Terrorism Financing Supervisory Regime, despite commit","cbCaikIQ0OieVwlL","https://ap.wps.com/l/cbCaikIQ0OieVwlL","pdf",255934,"English","# General comments\n## Customer due diligence proportionate and effective\n## Due diligence triggers for non-financial firms\n## Source of funds checks\n## Verifying persons acting on behalf of a customer","[{\"question\":\"What is ACCA’s overall position on HM Treasury’s proposed changes to the MLRs?\",\"answer\":\"ACCA is generally supportive of changes intended to keep the MLRs proportionate and effective, including updating currency thresholds to pound sterling and strengthening information sharing.\"},{\"question\":\"Why does ACCA raise concerns about proposed wording changes in regulation 33(1)(f)?\",\"answer\":\"ACCA believes changing ‘complex’ to ‘unusually complex’ would create uncertainty and inconsistency in how the rule is applied.\"},{\"question\":\"What concerns does ACCA have regarding non-mandatory high-risk third-country requirements?\",\"answer\":\"ACCA is concerned that making the requirements non-mandatory may lead firms to conduct inadequate checks because there would be no mandatory obligation.\"}]","Improving the effectiveness of the Money Laundering Regulations - ACCA comments - TECH-CDR-2129 | PDF",1788021583,48]