Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment with Cabinet colleagues of the potential merits of implementing a pilot scheme for banks to provide standardised anti-money laundering checks for use in property transactions.

The requirements for anti-money laundering checks in property transactions are set out in the Money Laundering Regulations (MLRs). The MLRs are not prescriptive in setting out precisely how banks and other regulated firms should undertake anti-money laundering checks, but instead require firms to take a proportionate approach commensurate with their assessment of the risk. Each bank will therefore have its own policies and procedures within this broader framework. The Government keeps the MLRs under periodic review to ensure that requirements remain effective and proportionate for all regulated sectors.