In the 5MLD there is an extension of sectors that will now become obliged entities and in scope of the updated regulations.
There are some professional service providers such as law firms, company service providers, accountants and estate agents who were previously out of scope but will now be included. Any newly obliged entities will have to implement robust AML processes and policies to comply with the new money laundering regulations as of January 2020.
Likewise, if any other sectors now find they are now transacting with a higher risk sector they will need to carry out a risk assessment and ensure they conduct appropriate Customer Due Diligence (CCD).
The below list is a guideline on who needs to comply with 5MLD, these could include (but are not limited to):
· Banks and credit institutions.
· Stock brokers and investment firms.
· Insurance companies and insurance intermediaries.
· Auditors, accountants, book-keepers, tax advisors.
· Property dealers and estate agents.
· Trust or company formation and management.
· Legal services.
· Companies trading in goods for cash of at least £13,000.
· Auction platforms.
· Crypto currency trading platforms and brokerages.
· Art dealers with cash transactions.
*Each business should check if they fall into the scope of having to comply with 5MLD, the above should be seen as guideline only.