Guidance on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023

Product Description

The purpose of this guidance is to support anti-money laundering (AML) regulated firms, within Schedule 9 of the Proceeds of Crime Act 2002 (POCA), to utilise the new information sharing provisions introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCT). These measures came into force on 15 January 2024, meaning firms can now share under these new provisions.

These measures have been put in place to provide greater clarity and comfort to regulated firms to share relevant customer information, either directly or indirectly through a third-party intermediary. These new measures are voluntary.

This guidance will provide regulated firms with information on: the policy intent for the measures, how regulated firms can ensure that they are protected by the provisions when undertaking direct and indirect sharing, handling conditions for sharing and receiving information and undertaking law enforcement reporting, UK General Data Protection Regulation (GDPR) compliance and maintaining effective customer complaint processes.

Regulated firms, statutory and non-statutory PBSs, and trade bodies are advised to consider how they can apply the overarching principles in this guidance to develop a consistent approach to sharing within their wider sector.