This month saw the UK’s implementation of the EU’s Fifth Money Laundering Directive (5MLD). While Brexit may be upon us, it is very unlikely that the UK’s departure will have any material impact on the UK’s continued application of these directives, not least since they also reflect the requirements of the international body, the Financial Action Task Force.

For those business already subject to money laundering regulations, the updated rules largely focus on refining current policies and procedures. However, the new rules have significantly widened the definition for businesses types within scope. Now crypto asset exchange providers, custodian wallet providers, art market participants and letting agents must ensure they put in place extensive internal controls to prevent money laundering, and report any knowledge or suspicion of money laundering by others that they come across in the course of business.