Hn For Risk Businesses

Here's what matters:

• This change significantly broadens the scope of individuals who fall into this category and has implications for anti-money laundering (AML) compliance
• This replaces the previous threshold of £20 million in assets, meaning many more clients will now be classified as HNWIs
• Why does this matter? The Money Laundering Regulations (MLR 2017) require firms to adopt a risk-based approach to client due diligence

Researched and drafted by Samson. Sources on the web; the judgment is lived.