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Money laundering reforms and MLD5
Businesses should now be ready for the Fifth Money Laundering Directive (MLD5) which EU member states were required to implement into national law by 10 January 2020. Check out the key changes and actions for businesses in the UK. Regulators are reminding crypto-asset businesses about the implications of the new regime, as MLD5 aims to combat risks of terrorist financing through anonymous use of virtual currencies. The new rules have already come to the detriment of some crypto-asset businesses.
There is plenty of reform yet to come as the EU Council sets out its strategic priorities, there is a Sixth Money Laundering Directive (MLD6) on the horizon, and there are new developments for anti-money laundering supervision. It is clear that businesses will have their hands full in trying to ensure their policies and procedures comply with AML rules in 2020 and beyond.
- For more high-value articles like these, visit our Money laundering hub page to check out all of the curated articles hand-picked by our team of experts on AML and related issues.
- Analyse key AML laws and identify risks by building cross-border comparative reports using our Anti-money Laundering & Fraud GTDT comparison tool.