Member SinceSep 14, 2022
WomakMar 15, 2023 a 02:36
Under AMLD5, cryptocurrency exchanges, virtual wallet providers, and other crypto-related businesses are now subject to the same AML/CFT requirements as traditional financial institutions. This means they must conduct customer due diligence, monitor transactions for suspicious activity, and report any suspicious transactions to the authorities.
In addition, AMLD5 introduces new rules for beneficial ownership, which require companies to maintain accurate and up-to-date information on their ultimate beneficial owners. It also establishes a central register of beneficial ownership information for EU companies.
Overall, AMLD5 is a significant development in the fight against money laundering and terrorist financing, and it represents a major step toward greater transparency and accountability in the financial sector.