The new directive (Directive (EU) 2018/843) on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing (the “5th AML Directive”) amending the 4th AML Directive was published in the Official Journal of the European Union on 19 June 2018, and will enter into force 20 days thereafter. Member States are required to implement the 5th AML Directive into national law by 10 January 2020.


The key aspects of the 5th AML Directive are:

– an extended scope of the persons subject to the anti-money laundering and counter terrorism financing requirements (in particular to address terrorism financing risks linked to virtual currencies and anonymous prepaid cards and the constant technological evolutions in such field);

– enhanced customer due diligence measures (in particular in the context of financial transactions involving high-risk third countries);

– new increased transparency measures (including enhanced access (for some even public!) to BO registers and through central registries of bank and payment accounts holders at Member State level); and

– enhanced powers for the relevant supervisory authorities and the EU financial intelligence units.


To find out more about the changes brought by the 5th AML Directive, please download below our previous Newsflash in this respect.

YOU MIGHT ALSO WANT TO DISCOVER

26/06/2019
Luxembourg Register of Beneficial Owners - D-2 months !

The Luxembourg law of 13 January 2019 introducing a central register of beneficial owners of Luxembourg entities was published in the Mémorial A of 15 January 2019 and entered into force on 1 March 2019. Luxembourg entities are consequently required to obtain and hold adequate, ...

Read More_
enhance
your
experience
unfortunately, you can not personnalize your browsing on this page

Would you like to configure your browsing experience at arendt.com?

Let us know your profile and favourite topics

You are

Banking and Financial Services

Fund Industry

Private Sector

Private Wealth

Public Sector