Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (“Civil Penalty Regulations”)
Following a public consultation in early 2019 the Civil Penalty Regulations have now been brought into force. This extends the range of sanctions in relation to contraventions of compliance with the AML/CFT Code 2019. Previously, the only option was for criminal sanctions to be imposed when contraventions of the AML/CFT Code were identified.
The Authority is currently working on associated guidance in relation to the Civil Penalty Regulations. Initially an internal guidance document is being drafted, the key points from this document will be published on our website in due course. The Authority does not intend to issue any civil penalties until the key points have been published.