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HM Treasury Consults upon 5MLD measures for UK

HM Treasury Consults upon 5MLD measures for UK

20th May 2019

Now that the European Union’s Fifth Anti-money Laundering Directive (5MLD) was finalised last year, HM Treasury is considering how best to implement the latest changes of the EU AML regime since these must be transposed into local EU member law by 10 January 2020, as such, they have entered into a consultation last month.

Of course, the Treasury is catering for a scenario where the implementation period is in place post-Brexit, however with these considerations aside, the application of the measures within 5MLD will go towards strengthening the UK’s AML and CTF regime and is much less of a radical overhaul than its predecessor (4MLD).

The transposition of 5MLD into UK law will no doubt be of much interest to those currently subject to 4MLD as well as new entities that would then be in scope, namely cryptoassets exchanges, as well as UK and non-EU trusts.

Also discussed within the Government’s Consultation is the use of Electronic identification processes as a measure of Customer Due Diligence since 5MLD clarifies that the identification of customers may be performed electronically.

The consultation runs until 10 June 2019 and can be read in its entirety here.

Further Reading:

HM Treasury Consultation on the transposition of the Fifth Money Laundering Directive

FCA Board discussed Government Proposed Cryptoassets Regulation

Customer Due Diligence: Electronic Identification

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