U.K. officials want to give anti-money laundering supervisors consistent access to suspicious activity reports during their inspections, and also expand requirements for companies to report inaccuracies in beneficial ownership information.
U.K. financial institutions must flag any “clear factual errors” found in the ownership data they collect from legal entities under a rule that took effect Friday, as well as any “material differences” between that data and the disclosures those same clients make to a national register.
Britain is set to increase the size of its financial intelligence unit, UKFIU, to almost 200 employees, 14 years after having pledged to do so to an international group that promulgates and assesses compliance with global anti-money laundering standards.