EU Member States are gradually implementing Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on “the prevention of the use of the financial system for the purposes of money laundering or terrorist financing”, and amending Directives 2009/138/EC and 2013/36/EU (“AMLD5”) into the national law. For example, Belgium has recently done it with the Belgium Act of July 20th, 2020.
What does the AMLD5 mean in brief?
Firstly, it covers the virtual currency exchanges and custodial wallet providers. Secondly, it embraces the traders in the work of art and those who are providing the warehouse space for storing the masterpieces. Third, it covers tax advisers. Forth, it covers the real estate agents.
Among others provisions, AML5D sets up the new threshold on payment instruments of €150 which required the service provider to conduct KYC on the payee, more detailed criteria on Politically Exposed Persons (PEP), allowing an electronic identification of clients, clarifications related to the UBO registers introduced by AML4D, EU harmonised enhanced due diligence requirements, empowering the EU financial intelligence units and facilitating their cooperation to combat money laundering.
Eltoma Corporate Services (ECS) is a licenced service provider in Hong Kong, Singapore, and Cyprus. AML specialists can provide a cost-effective range of AML and KYC services.