Ambiguities in proposed U.K. anti-money laundering regulations may put financial institutions and lawyers there at risk for criminal sanctions, according to two British professional organizations. Proposed changes to AML-related laws and regulations, detailed in a Jan. 22 U.K. Treasury report, include vague definitions of beneficial owners and trusts and lack the clarity businesses and professionals need to meet their regulatory obligations, according to the Law Society of England and Wales and the Society of Trust and Estate Practitioners. The Treasury plans to modify its rules to comply with the European Union's Third Money Laundering Directive, a mandate EU members must...