Transposed into national law on 10 April 1993, EU’s first anti-money laundering directive. Introduced customer due diligence, suspicious transaction reporting, and internal controls to prevent laundering of drug trafficking proceeds.

Implemented by 15 June 2003, amended the original AML Directive (91/308/EEC) to expand its scope beyond drug-related offences to all serious crime. Extended obligations to non-financial sectors like lawyers, auditors, real estate agents, and casinos.

Transposed into national law on 15 December 2007, broadened AML/CFT scope to include terrorist financing. Introduced a risk-based approach, enhanced due diligence, and extended coverage to trust and company service providers.

Implementation deadline of 1 January 2007. Set rules on payer information accompanying wire transfers, to ensure traceability and support the fight against money laundering and terrorist financing. Applied directly across all EU Member States.

Enforcement deadline of 26 June 2017. Strengthened EU AML/CFT framework with a risk-based approach, required beneficial ownership registers, and improved customer due diligence. Applied to a wider range of entities, including virtual currency exchanges and prepaid cards.

Replaced Regulation 1781/2006 to enhance the traceability of wire transfers. Set updated rules for payer and payee information to align with FATF standards and support terrorist financing prevention. Implementation date of 26 June 2017.

The UK voted to leave the EU by 52% to 48%.

The UK formally notified the EU of its intention to withdraw, beginning the two-year countdown.

Implemented the EU 4th Money Laundering Directive into UK law by 26 June 2017. Introduced a risk-based approach, strengthened customer due diligence, required beneficial ownership reporting, and created supervisory obligations for regulated sectors.

Enforced by 10 January 2020. Enhanced transparency by expanding access to beneficial ownership registers, brought virtual currency exchanges and wallet providers under AML rules, and introduced prepaid card limits and enhanced due diligence for high-risk countries.

Aligned UK law with the EU’s 5th Money Laundering Directive (5MLD) with implementation date of 10 January 2020. It expanded AML obligations to cover cryptoasset exchange providers and custodian wallet providers, introduced enhanced due diligence for high-risk third countries, imposed stricter controls on prepaid cards, and improved transparency through updated beneficial ownership register requirements.

The UK officially exited the European Union at 11:00 p.m. GMT and entered the Transition Period.

EU law, including AML directives and regulations, ceased to apply directly in the UK. The EU-UK Trade and Cooperation Agreement (TCA) came into effect on 1 January 2021.

The UK began applying its own AML regime, retaining most EU-derived regulations (e.g. MLR 2017) in domestic law, but with growing divergence potential.

Strengthened the UK’s AML framework by improving access to beneficial ownership information, enhancing supervision of trusts, extending registration deadlines for the Trust Registration Service (TRS), and refining the risk assessment duties of regulated firms.

Modernised EU rules on funds and crypto transfers, ensuring the traceability of crypto-asset transfers alongside traditional wire transfers. Applied FATF Travel Rule to crypto, requiring detailed payer and payee information. Application date from 30 December 2024.

Amended the 2017 Regulations to distinguish between domestic and non-domestic Politically Exposed Persons (PEPs). It establishes that domestic PEPs are generally considered lower risk, allowing for proportionate due diligence unless other risk factors are present. Came into force on 10 January 2024.

Replaces 4MLD to strengthen national AML/CFT systems. Mandates beneficial ownership and bank account registers, enhances FIU powers, and improves inter-agency cooperation. Member States must transpose by 10 July 2027.