ID checks 'simplified and streamlined'

The guidance, produced by the Joint Money Laundering Steering Group (JMLSG), came fully into force on 1 September and removes the requirement for financial services firms, such as IFAs and banks, to ask customers to provide several documents to prove their identity. In most cases, a single document like a passport or driving licence will be acceptable and proving address through documents such as utility bills is no longer necessary. Philip Robinson, financial crime sector leader at the FSA, says the money laundering regime is not meant to prevent honest people from opening accounts or ...