The Money Laundering & Terrorist Financing (Amendment) Regulations 2026
IPA Insolvency Practitioner newsletter, June 2026
As detailed in the April AML Digest, most of the measures in the Money Laundering & Terrorist Financing (Amendment) Regulations 2026 are coming into force on Tuesday 30 June.
The main changes as they affect IPs’ work will be:
- Enhanced Due Diligence (EDD) will only apply to high-risk countries on the FATF black-list
- EDD is refined for complex and large transactions and EDD will only apply to ‘unusually large or unusually complex’ given the nature of the transactions
- The Regulations will also move from the use of € thresholds to £ thresholds (i.e. €10,000 threshold will be a £10,000 threshold).
- If your firm is a Trust or Company Service Provider, the regulations will bring sale of off-the-shelf companies within the scope
- These Regulations make provision in relation to insolvent bank customers. Subject to certain requirements, a credit institution may permit an insolvent bank customer to open an account and transact from it prior to completing Customer Due Diligence (CDD) measures (including EDD measures, where relevant) other than identifying the customer and, if applicable, identifying a person purporting to act on the customer’s behalf (and verifying that such person is authorised so to act).
Read an explanatory memo here.