ALL NEWSREGULATORY
Trending

UK defining rules for the 5th AML directive post Brexit

The UK authorities are reaching to the public in order to define a common path of implementation of the new rules applicable as per the 5th EU AML Directive.

Participants were given up to January 2020 to produce relevant input while the implementation date is set to be 20th June 2020.

Some of the aspects under discussion are:

  • expansion of the definition of obliged entities,
  • expanding scope to any person providing any kind of assistance or aid to any person involved in transactions as from €10000 or related to tax planning, or real state operations,
  • further control of art dealers,
  • further controls over crypto currencies
  • making public the information held by the different ultimate beneficial owner’s register and wallet providers and other items.

Her Majesty’s Treasury has implemented a number of events and sectorial workshops in order to cooperate with the private sector in the implementation of the rules described as they are into force since 2018 (regardless the date for implementation).

Source

https://www.gov.uk/government/consultations/transposition-of-the-fifth-money-laundering-directive

Tags

Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker