The Fifth Money Laundering Directive comes into force on 10 January 2020. Firms will need to be ready.
The Fifth Money Laundering Directive is due to come into force in the UK on 10 January 2020 through amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).
HM Treasury has not yet published the final version of the MLRs and it is possible that these will only be made available at the last minute. As a result, firms may only have a very short window to get ready to apply the new requirements. Therefore firms should starting reviewing their procedures and policies now against the draft requirements.
Although the final rules are not yet out, firms should start to review their procedures and policies now against the draft requirements to ensure that they are ready for 10 January 2020.