19 Jun, 2018

5th EU AML Directive

Categories: Uncategorized

5th AMLD 2018, Transposing Jan 2020: Transparency, Digital Currencies, UBO Registry & Exchange of Information

The 5th Directive was published on 19 June 2018. The Member States must transpose the Directive by 10 January 2020. The amendments introduce substantial improvement to better equip the European Union to prevent the financial system from being used for money laundering and for funding terrorist activities.

  • Enhance transparency by setting up publicly available registers for companies, trusts and other legal arrangements;
  • Enhance the powers of EU Financial Intelligence Units, and provide them with access to broad information for the carrying out of their tasks;
  • Limit the anonymity related to virtual currencies and wallet providers, but also for pre-paid cards;
  • Broaden the criteria for the assessment of high-risk third countries and improve the safeguards for financial transactions to and from such countries;
  • Set up central bank account registries or retrieval systems in all Member States; and
  • Improve the cooperation between anti-money laundering supervisors and the European Central Bank.

For more information on the EU AML Directives and how they can affect you and your business, please contact us on [email protected]