EU Negotiations on the 4th Money Laundering Directive

130496-changes-to-eu-anti-money-laundering-rules1

 

The amendments of the EU's fourth Anti-Money Laundering Directive (4AMLD) also called the 5th AMLD, are currently under negotiations by the European Institutions. This negotiation known as a trilogue is an informal tripartite meeting attended by representatives of the European Parliament, the Council and the European Commission.

So far the ongoing discussions include topics like whom will the directive cover, at the moment the extent to which; advisors on tax matters, real estate and letting agents, auction houses and freeports, custodian wallet provider, the protectors and beneficiaries of trusts and virtual currencies are to be included is under discussion.

The beneficial owners registers and other land and account registers remain the main topics of the negotiations but the institutions continue to work towards a compromise.

Credit and Financial institutions will also face new customer due dilligence for products which were previously anonymous such as deposit safe boxes and there will be limits on anonymous prepaid cards. CDD measures for cross-border correspondent banking services are also under discussion.

Other questions include whether or not Member States will be forced to apply the European Commission's recommendations.

Further details available to members only.

 

Rue Archim├Ęde 5, bte 12 B-1000 Brussels (Belgium)    T +32 (0) 2 230 7439     E This email address is being protected from spambots. You need JavaScript enabled to view it.