Helping Regulated Firms Prepare for the 5th Money Laundering Directive

The new EU 5th Money Laundering Directive (“5MLD”) will come into force in January 2020 and will apply to all regulated firms subject to EU regulation.

Being prepared for these changes, which follow the recent 4th Money Laundering Directive(“4MLD”), will enable firms to comply with the requirements seamlessly and will ensure compliance to the new regulations.

5MLD extends the remit of 4MLD to:

  • A broad range of auditors, external accountants and tax advisers
  • The letting activities of estate agents where the monthly rent is €10,000 or more 
  • Providers of virtual/fiat currency exchange services
  • Custodian wallet providers
  • A broad range of activities relating to the trade in works of art worth €10,000 or more
  • The limit that excludes electronic money from CDD requirements is reduced to €150 without exception with a €50 withdrawal limit.

To comply with the new requirements, firms must ensure:

  • All policies and procedures are in-line under 5MLD
  • All staff are trained up on and are familiar with the new requirements by 2020
  • All systems and controls are aligned to the new requirements.

Lysis has worked with a wide range of financial institutions, professional services firms and estate agency businesses to implement the 4MLD and establish operating models for AML compliance and efficient customer on-boarding. We have also worked with cryptocurrency firms to design and implement Anti-Money Laundering and Sanctions Governance Frameworks, including Client Lifecycle Management Target operating models.

We can help firms prepare for 5MLD by:

Through Lysis Academy, we can also provide training on 5MLD which details the key requirement for you and your firm.

For more information please contact info@lysisfinancial.com