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The REGTECH Book
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The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

RegTech Opportunities in a Post-4MLD/5MLD World

By Jane Jee1 and Fleur Hutchinson2

1CEO, Kompli-Global Limited

2Enhanced Due Diligence Consultant, Seventeen Research Ltd

In June 2017 the then new UK government implemented the 4th EU Money Laundering Directive (4MLD) with regulations – the snappily titled ‘The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017’ or MLRs as we shall call them. The MLRs were set to make money laundering and terrorist financing more difficult and could have been much more effective had they been embraced and properly implemented by all member states and regulated firms.

However even 4MLD was soon seen as inadequate, due in part to the growing concerns over terrorist financing and the revelations of the Panama Papers. The Fifth Anti-Money Laundering Directive (5MLD) entered into force in July 2018 with an obligation for EU member states to implement it by January 2020.

5MLD builds upon 4MLD and extends it. For example, for the first time, 5MLD brings certain virtual currency service providers within the scope of EU anti-money laundering and terrorist financing regulations. The other main 5MLD provisions require EU member states to:

  • increase transparency with respect to the beneficial ownership registers that they were required to establish under 4MLD;
  • create and maintain a list of public functions that qualify as “politically exposed persons” or “PEPs” in their jurisdiction;
  • establish centralized ...
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Publisher Resources

ISBN: 9781119362142Purchase book