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Government Consultation of fifth Money laundering Directive

Fifth Money Laundering Directive

The consultation invites comments, evidence and views from stakeholders. Responses to this consultation will then be used to inform final government decisions on transposition. The government intends that the new provisions will come into force in national law by 10 January 2020, in line with Article 4 of 5MLD.

Key points to new changes are;

  • New obliged entities – including certain letting agents, cryptoassets and Art Intermediaries
  • Electronic Money – is the electronic store of money such as prepaid cards
  • Customer due diligence – Electronic ID proposals
  • Beneficial owner requirements – ongoing annual obligation to review beneficial owner information
  • Enhanced Due Diligence – requirement for enforced EDD involving a high-risk third country
  • PEP’s – requires countries to give a clearer definition
  • Mechanisms to report discrepancies in beneficial owner information.
  • Trust registration Service
  • National Register of bank account ownership

 

There are a number of other changes including pooled client accounts and other various technical amendments to the Regulations.

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