EU 5th AML Directive to be transposed into UK Legislation by January 2020

The 5^th EU AML Directive was passed in June 2018 giving member states until the 10^th January 2010 to transpose the legislation into domestic law. The key points addressed in the Directive relate to:

• Cryptocurrencies
• Beneficial Ownership
• Enhanced Due Diligence in respect of high-risk third countries
• Thresholds for Prepaid Cards and E-Money transactions will be lowered
• Measures to enhance the powers of the FIUs
• Bank account and safe deposit box regulations
• New service providers in scope
• PEP-Lists

Full details of the Directive can be found here