Please be aware that in the UK the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 come into effect on 10th January 2020. These regulations implement the changes required by the 5th Money Laundering Directive (5MLD). Members must continue to meet the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations as well as the additional requirements of the 2019 amendments.
Additionally, the definition of tax advisor has been extended to those offering indirect tax advice.
Sector specific guidance will be issued soon to assist members in implementing the new requirements.
CIMA will also take into consideration the short lead-in time that businesses have had to prepare for the updated regulations when assessing current member compliance with those regulations.