From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

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Transposition of the Fourth Money Laundering Directive

Last updated: 27 Sep 2016

Consulting body:
HM Treasury
Status:
Closed
Period of consultation:
Runs from 15 September 2016 to 10 November 2016
CML action:
Response submitted

HM Treasury has issued a consultation on the transposition of the Fourth Money Laundering Directive and the Fund Transfer Regulations (FTR) into national legislation.

The directive, which must be transposed into UK law by June 2017, seeks to update international anti-money laundering and counter-financing of terrorism (AML/CFT) standards set by the Financial Action Task Force (FATF).

The consultation invites views and evidence on the steps that the government proposes to take to transpose the directive and FTR into national law.

It also seeks views and evidence on the potential costs and benefits of the changes considered.

CML response

We have responded to the consultation focusing on the elements of the paper that relate to residential mortgage lenders including client due diligence, PEPs and document retention.

We share the government's commitment to implementing an effective Anti-Money Laundering and Combating the Financing of Terrorism regime to make the UK financial system a hostile environment for illicit finances, especially in the property market.

See the full response below.