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ddp modified	2019-07-08T13:47:03.107Z
creator › label	Biography information for Lord Vinson
answer › answering member printed	Lord Young of Cookham

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registered interest

date

exactly:

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member printed

question first answered

answering member


label

tabling member


label

1134338

registered interest

date

24/06/2019

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Money Laundering

house id

legislature

25277

pref label	House of Lords

question text

To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 18 June (HL16068), what guidance they provide, if any, to banks and other businesses about ensuring that routine anti-money laundering checks do not cause stress to customers, particularly when those banks or businesses have not been made aware of any change to the circumstances of and have no concerns as to the identity of an existing customer as set out in regulation 27(8) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692), and when those organisations may not be required to conduct such checks.

tabling member printed

Lord Vinson

uin

HL16623

answer

is ministerial correction

date of answer

08/07/2019

answer text

HM Treasury is responsible for the Money Laundering Regulations 2017, which set out the high-level requirements on regulated businesses to combat money laundering. These Regulations are not prescriptive in setting out how customer due diligence (CDD) checks must be carried out, and instead require businesses to take a proportionate approach. Each business will therefore have their own policies based on their assessment of risks. Specific guidance for banks on applying customer due diligence measures and ongoing monitoring of customers is included in guidance published by the Joint Money Laundering Steering Group. This guidance is approved by HM Treasury, and it highlights that a firm must apply CDD measures at appropriate times to its existing customers on a risk-sensitive basis.

answering member printed

Lord Young of Cookham

question first answered

08/07/2019 13:15:55

answering member

57

label	Biography information for Lord Young of Cookham

tabling member

1807

label	Biography information for Lord Vinson