The UK Treasury announced on Monday that it has launched a consultation document on amendments to the Money Laundering Regulations 2001 act.
The planned changes would require firms which are regulated by the Financial Services Authority (FSA) to inform the regulator if they carry on Money Service Business activity, such as changing money, cashing cheques, or remitting money.
The amendments will also require banks, money remitters, bureaux de change and informal remitters under the hawala Islamic banking system to include originator information (i.e. name, address and account number, where applicable) of the customer on all money transfers sent from and within the UK, in accordance with FATF recommendations issued after the September 11 terrorist attacks.
According to a Treasury statement, the consultation period will end on August 19.
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