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AML - the essentials: November 2019

Issue 15 of our Anti-Money Laundering update includes an update on the Fifth Money Laundering directive and two new pieces of supplementary anti-money laundering guidance from CCAB.

Update on the Fifth Anti-Money Laundering Directive (5MLD)

Look out for MLR19 and the transposition of 5MLD

5MLD must be transposed into UK law by 10 January 2020. The Government is working on the revised money laundering regulations and CCAB is revising its guidance.

Find out more

Will electronic checks be mandatory under 5MLD?

We are aware that certain electronic ID providers are writing to firms suggesting that electronic ID verification will become mandatory under 5MLD.

5MLD will include a provision that electronic ID verification may be used as an independent and reliable source of ID if the process is:

  • secure from fraud and misuse; and
  • is capable of providing an appropriate level of assurance that a person is who they say they are.

It is not a mandatory requirement.


CCAB guidance: two new pieces of supplementary anti-money-laundering guidance

Note, this is not standalone guidance; it must be read in conjunction with the CCAB’s Anti Money Laundering Guidance for the Accountancy Sector.

Regulatory updates

Read the latest National Crime Agency (NCA) publications

The NCA has recently published:

OPBAS levy increase for UK practising certificate holders

The annual charge from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is set to increase for 2020. The £49 levy will be charged to all mainland UK ICAEW practising certificate holders. This will fund the operational costs of OPBAS and it will be used to address the findings of the OPBAS supervisory assessment.

Find out more

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