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Great Britain is known for its rigorous implementation of AML policies. Undertaking financial activities in the UK requires an indepth knowledge of the country’s numerous AML requirements, including regulations, laws & procedures. And that particularly applies to the private banking sector where compliance with AML requirements is an absolute must. 

So, let’s have a closer look at British AML regulation & the requirements for opening a business in Great Britain.

Private Banking: AML Requirements

UK-registered private banking institutions are required to put in place a system that ensures implementation of measures aimed at prevention of money laundering & funding crime. Under the country’s legislation, rendering assistance in or failing to prevent tax evasion is deemed a grave offence & punished accordingly. Therefore, all those considering setting up a banking company in England must take steps to prevent tax evasion & ensure 100% compliance with AML regulations.

Under the MLR, Uk-registered private banking establishments are required to perform CDD  prior to entering into business relationships.

Required Documentation

Opening an account in a British bank requires providing the following information:

  • name;
  • date of birth;
  • address.

It is also important that the above information be verified by independent & reliable sources.

IMPORTANT

Those considering registering a company in Great Britain should keep in mind that they must ensure full compliance with tax legislation. They should also be mindful of the fact that tax offenses are frequently deemed major money laundering crimes & punished accordingly.

To be qualified as a money laundering offense, it must meet the following criteria:

  • purposeful transfer, concealment & conversion of illegally obtained property;
  • facilitation in acquisition or use of illegally obtained property; 
  • possession, use or acquisition of illegally obtained property;
  • failure to report suspicious or money laundering offences; 
  • rendering investigation impossible.

Conclusion

Need to know more about regulation of private banking in Great Britain? Planning on undertaking financial activities in England? Why not contact IQ Decision UK? Our legal experts will spare you the need to spend countless hours on studying British legislation. They will be happy to provide you with a full range of consulting services & make the process of opening a company in Great Britain a breeze.