Who are considered relevant persons in the context of the Money Laundering Regulations?

In the context of the Money Laundering Regulations, relevant persons are defined as individuals or entities that are subject to specific compliance requirements aimed at preventing money laundering and terrorism financing. Among these, accountants and legal professionals play a significant role, as they often act as gatekeepers in financial transactions and are crucial in identifying potential money laundering activities.

Accountants and legal professionals are required to comply with regulations that mandate customer due diligence, reporting suspicious transactions, and maintaining proper records. Their position often involves handling clients' finances and providing advice on transactions, which can potentially be exploited for money laundering purposes. Thus, they are expressly recognized as relevant persons under the regulations, highlighting their importance in the broader framework of preventing financial crime.

While government officials, corporate executives, and financial auditors may have varying degrees of involvement related to financial transactions and governance, accountants and legal professionals are specifically targeted in these regulations due to their direct interactions with entities that could engage in money laundering. This context emphasizes their pivotal role in the regulatory landscape.