10.01.2020

Another Money Laundering Directive?  Why?

 Show Interest

Another Money Laundering Directive?  Why?

 Show Interest
The EU’s Fifth Anti-Money Laundering Directive (5MLD) was published in June 2018 and entered into force a month later.  Today it is being transposed into UK law. 

The 5MLD aims to improve the transparency and existing preventative framework to effectively counter money laundering and terrorism financing across the EU.  Regardless of Brexit, the UK contributed strongly to the negotiations of the 5MLD as it seeks to prevent the use of our financial system for the purposes of money laundering or terrorist financing. Money Laundering is a global issue and represents a significant threat to the UK’s national security.  Government figures estimate that it costs the UK at least £37 billion each year.

Here is short list of the key changes:
Obliged Entities – extended to cover all forms of tax advisory service, lettings agents; art dealers; as well as crypto-asset exchanges and custodian wallet providers
Electronic money – reduced thresholds for CDD and use of anonymous prepaid cards
Customer Due Diligence – verification of senior managing officials for corporates where the UBO cannot be identified
Ultimate Beneficial Ownership (UBO) requirements – collating proof of the UBO registration for companies and trusts
Enhanced Due Diligence – EDD to be conducted relating to any business relationships or third countries involving high risk third countries
Requirements to report discrepancies in UBO information to Companies House
Trust registration service – 5MLD expands the scope of the register
National register of bank account ownership – additional information to be provided
If not already done, you should be reviewing your processes and completing training so you’re aware of any impacts upon your business.
  • Risk Management
  • Compliance Health Checks
  • Anti Money Laundering

A seasoned professional with 20+ years' experience in the financial services industry, I am a former Chief Compliance Officer and MLRO (CF10 and CF11) for a pension, wealth and asset management…

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