Money laundering regulations affect proof of ID
11 December 2007 17:51
Fresh changes to the UK's regulations governing money laundering have relaxed the requirements in relation to proof of identification, it has emerged.
According to reports by Citywire, under the new regulatory regime, a client is no longer required to provide proof of identification in instances where the case is either simplified, or when transactions fall below a specified value threshold.
Under the new rules, a simplified case refers to instances where the client is an individual authorised by the Financial Services Authority (FSA).
"If it's one financial adviser doing a job for another, they're both in the same box, both have FSA approval and have been vetted," said Ian Muirhead, managing director of Sifa, an organisation offering support to solicitors' practices.
"So it would be over the top if one had to ask the other for a passport," he added.
Regular premium transactions below £723 and single premium transactions falling below £1,808 are also exempt.
According to reports by Citywire, under the new regulatory regime, a client is no longer required to provide proof of identification in instances where the case is either simplified, or when transactions fall below a specified value threshold.
Under the new rules, a simplified case refers to instances where the client is an individual authorised by the Financial Services Authority (FSA).
"If it's one financial adviser doing a job for another, they're both in the same box, both have FSA approval and have been vetted," said Ian Muirhead, managing director of Sifa, an organisation offering support to solicitors' practices.
"So it would be over the top if one had to ask the other for a passport," he added.
Regular premium transactions below £723 and single premium transactions falling below £1,808 are also exempt.
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