Regulated firms in the UK’s banking, lending, wealth management and estate agents sectors are only 55 per cent of the way through their implementation plans for the European Union’s Fifth Money Laundering Directive (5MLD) according to new research from global data and analytics provider LexisNexis Risk Solutions.

Firms not fully complying with the directive, which came into force on 10 January 2020, may face hefty fines from the UK’s Financial Conduct Authority (FCA).

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