The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note provides a guide to the elements of the European and UK anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory regime as they apply to regulated financial services firms, covering the Fourth Money Laundering Directive (MLD4); the Fifth Money Laundering Directive (MLD5); the UK and EU Wire Transfer Regulations; the 2017 Money Laundering Regulations, as amended (MLRs); the Proceeds of Crime Act 2002 (POCA 2002); the Criminal Finances Act 2017 (CFA 2017); the Sanctions and Anti-money Laundering Act 2018 (SAMLA 2018); European and UK legislative proposals on AML/CTF; European Supervisory Guidance on AML/CTF; Joint Money Laundering Steering Group (JMLSG) Guidance; the requirements in the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook which are relevant to AML/CTF; FCA guidance; the Office for Professional Body Anti-Money Laundering Supervision (OPBAS); the Financial Action Task Force (FATF). For information on the impact of Brexit, see Practice Note: Impact of Brexit: AML and CTF regime—quick guide.
The principal EU legislative measures on anti-money laundering (AML) and counter-terrorist financing (CTF) are:
the Fourth Money Laundering Directive (EU) 2015/849 (MLD4), which became effective on 25 June 2015—the final date for implementation of MLD4 by Member States was 26 June 2017, and
the Second Wire Transfer Regulation (EU) 2015/847 (OJ-L 141/001) (EU WTR2), which
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