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<p>HM Treasury is responsible for the Money Laundering Regulations, which set out
the high-level requirements on regulated firms to combat money laundering and ensure
that key professionals verify their customers’ identities.</p><p>The Regulations are
not prescriptive in setting out how firms should carry out customer due diligence
and instead require firms to take a proportionate approach commensurate with their
assessment of the risk. Each firm will therefore have their own policies on identification
and customer due diligence, including on when additional, more comprehensive checks
should be undertaken.</p><p>Specific guidance on how banks should conduct customer
due diligence is published by the Joint Money Laundering Steering Group. This includes
guidance on assessing the money laundering and terrorist financing risk associated
with individual countries.</p>
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