IMA has responded to Treasury’s review of the Money Laundering Regulations (MLR). Its main comment is to seek clarification on the use of reliance in money laundering checks. It feels Treasury has not properly understood the situations in which firms rely on intermediaries, and stresses the industry’s concern that FSA is not happy when firms rely on others. It also welcomes Treasury’s statement it will work with regulators, as its members are worried about what actions FSA may take against firms if FSA is not happy with a firm’s risk-based approach. (Source: IMA Responds on MLR Review)