On the 10th January 2020 5MLD will take effect in the UK. Letting agents that facilitate rent transactions in excess of €10,000 (around £8,500) calendar month will be subject to The Fifth Money Laundering Directive.
All tenancy agreements with a rent is excess of €10,000 per calendar month will now form part of the regulation. This means letting agents will be required to do “Know Your Customer” checks on tenants and landlords for high value transactions that fall within the scope of the regulation.