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

The 5th EU AML Directive was passed in June 2018 giving member states until the 10th 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