The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
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 changed? or for law firms: Fifth Money Laundering Directive—what’s changed—law firms.
Circle the correct answer.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.