Whilst everyone was still recovering from the implementation of the 4th Anti-Money Laundering Directive (4AMLD) into UK law (in the pithily named Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) (the “4AMLD Regulations”), the 5th Anti-Money Laundering Directive (5AMLD) (the “Directive”) was adopted by the European Parliament on 19 June 2018.
EU members have until 20 January 2020 to transpose the Directive into national law. Of course, the UK intends to have left the EU before that time runs out, but the Government has nevertheless confirmed that it will be implementing the Directive with new regulations (“5AMLD Regulations”).
5AMLD makes some amendments to 4AMLD and adds some additional provisions, with a particular focus on preventing terrorist financing. Of relevance to gambling operators, the changes will regulate the use of virtual currencies and increase the level of scrutiny required for transactions from high risk countries. The owners of gambling operators may also want to be aware of new requirements to publish details of the beneficial owners of EU companies.Read More