Money Laundering: Electronic Funds Transfer
The question
To ask the Chancellor of the Exchequer, what steps she is taking to reduce administrative friction in transferring large sums between personal accounts while maintaining robust fraud prevention and anti-money laundering measures.
Answered by Emma Reynolds
The government recognises the importance of minimising administrative friction around payments for people, banks, and businesses, while maintaining strong safeguards against the growing threat to the economy from money laundering and economic crime. The department keeps the Money Laundering Regulations (MLRs) under regular review, and the MLRs require banks to take a proportionate approach commensurate with their assessment of the risk. The MLRs are being amended in a forthcoming Statutory Instrument, with various changes intended to reduce unnecessary checks on legitimate transactions while maintaining robust controls targeted at higher-risk activity; policy development is ongoing and next steps will be set out in due course.
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