The fifth money laundering directive is transposed into UK law with effect from today, 10 January 2020. While it does not represent wholesale changes to existing principles it will require changes to some of your anti-money laundering processes.
These changes do not currently include updated regulations relating to the trust registration service (TRS). In December 2019, HMRC confirmed that it would publish a technical consultation on the TRS changes in 'early 2020’. We will provide further information as and when it becomes available.
We have updated our guidance to reflect the changes that have been implemented. These include: