News

U.K. officials floated plans Monday to give financial institutions more discretion in deciding how thoroughly they should vet clients and payments linked to countries on a global watchlist maintained by the Financial Action Task Force, or FATF. In a 72-page consultation on potential changes to the 2017 Money Laundering Regulations, HM Treasury asked banks, payment institutions, civil society organizations and other interested parties to opine on proposals to make customer due-diligence rules in the U.K. "more proportionate and effective." One of the options pitched Monday would scrap a list of mandatory checks that banks and other AML-regulated companies must conduct...