AML compliance burden on UK financial institutions intensifies as new rules on third country local law conflicts bite

Zia Ullah(+44 161 831 8454,ziaullah@eversheds-sutherland.com) is a Partner andRuth Paley(+44 207 919 0527,ruthpaley@eversheds-sutherland.com) is Of Counsel at Eversheds Sutherland.

As additional EU rules come into force requiring UK credit and financial institutions with branches and subsidiaries in third countries to identify local law conflicts with group-wide AML policies and procedures, Zia Ullah and Ruth Paley of Eversheds Sutherland LLP take a look at these new technical standards including application, scope, and Financial Conduct Authority (FCA) notification requirements.