Fifth Money Laundering Directive
This latest directive revisits certain areas of the Fourth Directive to further strengthen transparency and counter-terrorist provisions. The requirements of 5MLD must come into effect through national law by 10 January 2020 in line with Article 4 of the 5MLD.
The Fifth Directive introduces a number of elements to strengthen the UK Regime;
- New obliged entities
- Electronic money
- Customer Due Diligence (CDD)
- Obliged entities: beneficial ownership requirements
- Enhanced Due Diligence
- Politically Exposed Persons
- Mechanisms to report discrepancies in beneficial ownership information
- Trust Registration service
- National register of bank account ownership
- Reporting by Treasury
- Pooled client accounts Continue reading “Implementation of the Fifth Money Laundering Directive”