The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Fourth Money Laundering Directive (EU) 2015/849 (MLD4) was published in the Official Journal of the EU on 5 June 2015 together with the Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2). Member States were required to transpose MLD4 into national law by 26 June 2017, which was the date of application of EU WTR2. MLD4 and EU WTR2 together are the principal EU legislative measures on anti-money laundering (AML) and counter terrorist financing (CTF) in the UK.
For information on EU WTR2 and Retained Regulation (EU) 2015/847 (UK WTR2), see Practice Note: Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentials.
MLD4 specifies types of firm, including credit and financial institutions, that must be regulated for AML/CTF purposes, and makes provision on issues including beneficial ownership registration and record-keeping, customer due diligence requirements (CDD) and the circumstances in which enhanced levels of CDD are required.
The Fifth Money Laundering Directive (EU) 2018/843 (MLD5) was published in the Official Journal of the EU on 19 June 2018. Member States were required to transpose MLD5 into national law by 10 January 2020. MLD5 is an ‘Amending Directive’ as it amends MLD4—it is not a wholesale overhaul of MLD4. MLD5 purports to fill gaps identified in MLD4, for example, by extending AML obligations to virtual currency providers. Further amendments, including
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