ARTICLE · 17 FEBRUARY 2020

Changes To UK Money Laundering Regulations

Kirkland & Ellis International LLP

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On 10 January 2020, the UK Money Laundering Regulations changed to incorporate the EU's Fifth Money Laundering Directive.

United KingdomGovernment, Public Sector

Marcus Thompson

Michael S. Casey

On 10 January 2020, the UK Money Laundering Regulations changed to incorporate the EU's Fifth Money Laundering Directive. As a result, relevant persons (i.e., regulated entities required to comply with the UK Money Laundering Regulations) are obligated to comply with certain new requirements, including: (i) accounting for certain factors when assessing counterparties' risk profiles; (ii) documenting their process for understanding a counterparty's beneficial ownership and control structure; and (iii) reporting discrepancies regarding the ownership and control of legal entities to Companies House.

The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the "Regulations") contain amendments to the UK's Money Laundering Regulations 2017. This Alert summarises some of the key changes set forth in the Regulations, including changes that will be especially relevant to private equity sponsors.

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