Electronic Commerce: Money Laundering
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential implications for her policies of the number of (a) Suspicious Activity Reports and (b) Defence Against Money Laundering Suspicious Activity Reports from electronic payment providers.
Answered by Tulip Siddiq
HM Treasury’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 place requirements onto electronic payment providers to establish policies, controls and procedures to mitigate the risks of money laundering and terrorist financing.
HM Treasury works closely with the National Crime Agency, who are responsible for collecting and interpreting Suspicious Activity Reports and other intelligence, and with the Financial Conduct Authority, who supervise authorised electronic payment providers, to monitor the threat. The government will be publishing an updated assessment of the risks in its upcoming update to the Anti Money Laundering and Counter Terrorist Financing National Risk Assessment.
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