If you've been following the implementation of different measures under 5AMLD, I'd hazard a guess that you've probably had a similar thought to me upon learning that the UK Home Office is to drop the 5AMLD bank account portal plan. Common sense in action?
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5AMLD bank account portal plan
'We welcome the cancellation, as it avoids imposing further regulatory burdens on firms and adding to compliance costs,' commented the Law Society of England and Wales.
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UK Home Office drops 5AMLD bank account portal plan #STEPNews https://t.co/PK6PCqwKiV pic.twitter.com/CXUf3ahqcy
— STEP (@STEPSociety) August 16, 2021
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