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.
Cameron McNeill


FCA Initiative on PSPs

The FCA chose 5pm on the Friday before the Spring Bank Holiday weekend to launch its latest initiative to tighten control on payment service providers (PSPs) and electronic money institutions (EMIs). Read our briefing notes here...

The Anatomy of Money Laundering Risks Associated with PSPs and How to Mitigate Them

PSPs emerged during the internet boom of the late 1990s and early 2000s. Early players such as Alipay and PayPal established China and the USA as the global centres for these technologies. However, in recent years and with the huge increase in mobile technology and other growth industries such as iGaming, the PSP market has turned into a truly global industry and is showing exceptional growth in European jurisdictions such as Malta and Estonia.

Effective Management Information (MI)

Lysis Financial Case Study: Effective Management Information within a KYC/AML Operation Centre. Lysis Reviewed data already being captured by the organisation and developed an ‘’MI Tool’’ capable of feeding data from the clients CDD review & tracking database. Successfully completed c.3000 KYC reviews.

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