Transposition of Fifth Money Laundering Directive in the UK
On 20 December 2019, amending regulations transposing the fifth money laundering directive into UK domestic law were laid before Parliament and came into effect (for the most part) on 10 January 2020. The fifth money laundering regulation now ceases to be of any relevance. The principal exceptions to the 10 January 2020 effective date were that provisions relating to: New limits for anonymous pre-paid cards which won’t require CDD come into effect on 10 July 2020. The new bank account portal comes into effect on 10 September 2020 There are other deadlines with respect to the implementation of some other provisions.
Case Study: LYSIS & NAPIER Transaction Monitoring
Lysis Operations Case Study. The challenge: A requirement to have an effective transaction monitoring framework, operational controls and processing to manage and monitor payments across Europe and to establish a solution which can adapt and iterate with the constantly-changing regulations and requirements.
In this paper, we take a closer look at the numbers relating to payments, transactions, and the world of compliance to help explain why some of the current transaction monitoring technologies and operational controls struggle to identify illicit activity. We then look at the role of technology and what future developments will bring to transaction monitoring.