ARTICLE · 13 FEBRUARY 2020

5MLD: Summary Of Changes To UK AML Law

DLA Piper UK LLP

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On 10 January 2020 Fifth Money Laundering Directive (EU) 2018/843 (5MLD) came into force. On 20 December 2019, the UK Government laid before Parliament its implementing legislation

United KingdomGovernment, Public Sector

On 10 January 2020 Fifth Money Laundering Directive (EU) 2018/843 (5MLD) came into force. On 20 December 2019, the UK Government laid before Parliament its implementing legislation, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLR 2019), which amends the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017, and together with MLR 2019, the MLRs).

5MLD expands the scope of businesses to which the UK’s anti-money laundering regime applies (for example to tax advisers, letting agents and crypto-asset exchanges), as well as amending a number of the substantive requirements. Many businesses will have made amendments in readiness for the anticipated changes. Nonetheless, with financial crime prevention at the top of the agenda for UK, European and international regulators, it is important to ensure that your policies and procedures are fully compliant with the finer details contained

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