On 28 August 2015, BIS launched a review of the UK’s AML regime, as part of a wider programme to reduce the amount of “red tape” faced by businesses in the UK.

BIS noted that  the  current  AML  guidance,  rules  and identity  requirements  “can  be  unnecessarily  cumbersome and complicated”. Therefore, the review will look at the implementation, by the relevant supervisors (the FCA and HM Revenue and Customs), of the Money Laundering Regulations 2007 and identify areas for improved efficiency.

Businesses have until 23 October 2015 to provide BIS with their own views on the AML regime.