Insights
Regulatory developments
This page tracks regulatory developments relevant to verification, KYC and due diligence practice, with the primary source linked for each entry.
FATF — beneficial ownership transparency
Revised Recommendation 24 (2022) and Recommendation 25 (2023) tighten beneficial ownership transparency for legal persons and legal arrangements; multi-pronged ownership verification is becoming the assessed norm. Source: FATF Recommendations, fatf-gafi.org.
European Union — single AML rulebook
Regulation (EU) 2024/1624 harmonises customer due diligence across member states and applies from 10 July 2027, supervised by the new Anti-Money Laundering Authority (AMLA) seated in Frankfurt. Source: EUR-Lex.
Singapore — customer due diligence notices
MAS Notice 626 sets customer due diligence, screening and ongoing monitoring requirements for banks; equivalent notices apply across other regulated sectors. Source: Monetary Authority of Singapore.