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UK Treasury Wants Stronger Beneficial Ownership Checks, Broader Access to SARs

By Koos Couvée

U.K. officials want to give anti-money laundering supervisors consistent access to suspicious activity reports during their inspections, and also expand requirements for companies to report inaccuracies in beneficial ownership information. In a 56-page consultation, HM Treasury called on financial institutions, regulators and other interested parties to share their views on a range of "time-sensitive updates" to the 2017 Money Laundering Regulations crafted to ensure that the U.K. continues meeting global standards, "whilst also strengthening and ensuring clarity on how the AML regime operates." One of the proposed amendments would "explicitly allow" AML examiners to directly access SARs submitted by the...

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