DAML Threshold Increase to £3,000 from 31st July

➡️ Under the Proceeds of Crime Act (POCA) the value of criminal property below which a bank or similar firm (as specified) can: a) carry out a transaction in operating an account for a customer and b) return money to a customer to end their business relationship, without committing one of the POCA money laundering offences, will increase from £1,000 to £3,000;

➡️ The increase is designed to target resources more effectively due to the low volumes of assets previously denied below the renewed threshold.

✅ Firms should review their transaction monitoring alert thresholds and DAML escalation mechanisms to ensure they incorporate the threshold changes appropriately.

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