I'm on maternity leave and didn't have a chance of looking at the changes on the MLR law.
Seems like "the Government has published new regulations transposing the 4th Anti Money Laundering Directive into UK law. These are effective from 26 June 2017"
Is there on ICB portal any guidance on what we need to do?
Excellent post Mina.
2 days and no response from ICB! Any one from ICB actually looking at the posts here on the forum?
Key highlights of 4th Directive:
- Enacted on 25 June 2015
- Full implementation by 26 June 2017
- Replaces the EU Third Anti-Money Laundering Directive
- Emphasis on ultimate beneficial ownership and enhanced customer due diligence (CDD)
- Expanded definition of a politically exposed person (PEP)
- Cash payment threshold lowered to €10,000
- Expanded to included entire gambling sector beyond just casinos
- Enhanced risk-based approach, requiring evidence-based measures