Ready Or Not, 5th AMLD Arrives In The UK
The new chair of CUK commented on the recent implementation of new anti money laundering legislation here in the UK.
From 10 Jan 2020, crypto businesses in the UK will be obliged to follow the requirements of the 5th Anti-Money Laundering Directive (5th AMLD), which was transposed into domestic law as the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
Although the 5th AMLD has been a topic of fierce debate across Europe over the last year, concerns remain that its impact on UK businesses will, at least initially, be mired in uncertainty.
The domestic legislation came into effect on December 20, 2019, and no accompanying guidance has yet been issued.