HMT tightens MLRs, including cryptoasset travel rules

HM Treasury (HMT) issued Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022 on 15 June 2022.

The paper is a response to HMT’s 2021 consultation and outlines how the Government will amend the UK’s Money Laundering Regulations (MLRs) to meet international standards, and to clarify how the UK’s anti-money laundering and counter-terrorist financing (AML/CTF) regime operates.

Amendments include extending information sharing requirements for wire transfers to include cryptoassets (known as the ‘Travel Rule’) and new explicit legal powers for supervisors to access Suspicious Activity Reports. 

HMT will also expand the discrepancy reporting requirements. Any material discrepancies, identified in relation to beneficial owner information, will also need to be reported to the relevant registrar.

Download this At a glance to see our summary of the response and what firms need to do.