Learn how to prepare for 5MLD
Five steps to get ready for 5MLD
On 10 January 10 2020, the Fifth Money Laundering Directive (5MLD) must be enacted into national regulations by EU Member States.
5MLD brings significant changes to the requirements on regulated businesses “to better counter the financing of terrorism and to ensure increased transparency of financial transactions”
Combating money laundering and financial crime is a central business practice for prepaid and fintech companies. In a study last year, PIF highlighted the range of KYC technologies that prepaid companies use and the Financial Conduct Authority also published their positive review of the money laundering and terrorist financing risks in the UK’s e-money and prepaid industry.
Download the report produced by PIF to read
advice from leading PIF members as to how regulated prepaid and fintech firms
can prepare for 5MLD:
The report includes insight and analysis into
- Reduction in limits for anonymous cards
- Make sure you know your Customer Due Diligence requirements
- Equivalency for schemes from outside the EEA
- Operating on a services and establishment basis
- How to ensure diligence on source of funds for commercial prepaid financial services