Financial crime and crime prevention
Financial crime and crime prevention

The following Risk & Compliance guidance note provides comprehensive and up to date legal information covering:

  • Financial crime and crime prevention
  • What constitutes financial crime?
  • Basic regulatory requirements
  • Consequences of getting it wrong
  • Protecting your organisation

STOP PRESS: The Fifth Money Laundering Directive (5MLD) came into force on 9 July 2018 and EU Member States have until 10 January 2020 to give effect in national law to its provisions. On Friday 20 December 2019, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 (Amendment Regulations) were laid before Parliament. The Amendment Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 to give effect to 5MLD. The majority of the provisions in the Amendment Regulations come into force on 10 January 2020. The Amendment Regulations include changes to a number of key areas, including client due diligence requirements, approval of beneficial owners, officers and managers (BOOMs) and requirements for policies, controls and procedures. Further detail is to be provided via sector-specific guidance. This document is being reviewed in the light of the changes. In the meantime, for information on 5MLD, see Practice Note: Fifth Money Laundering Directive—what’s changing? or for law firms: Fifth Money Laundering Directive—what’s changing—law firms?

Forthcoming changes: The UK has voted to leave the EU and this will take place on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018. This has implications for organisations. This Practice Note is likely to be affected. It will