The Fifth Anti-Money Laundering Directive (MLD5) entered into force on 9 July 2018 and Member States have until 10 January 2020 to transpose the majority of its provisions. MLD5 introduces a number of key reforms to the anti-money laundering and counter-terrorist financing regime including:

• Greater transparency with right for members of the general public to access beneficial ownership registers in relation to bodies corporate;
• Wider scope with certain virtual currency exchange platforms; custodian wallet providers and certain art dealers being brought within scope of the regime;
• Increased circumstances whereby enhanced customer due diligence must be applied; and
• Expanded powers of financial intelligence units.

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