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ARTICLE · 16 OCTOBER 2024

UBO Registry Essentials: Key Compliance Requirements

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

Elias Neocleous & Co LLC (ENC) is among the largest firms in southeast Europe and the Eastern...

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In an effort to combat money laundering and the financing of terrorist activities, the European Union (EU) has implemented several Anti-Money Laundering (AML) directives.

European UnionCorporate/Commercial Law
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Introduction

In an effort to combat money laundering and the financing of terrorist activities, the European Union (EU) has implemented several Anti-Money Laundering (AML) directives. The most recent, Directive (EU) 2018/843, also known as the EU's 5th Anti-Money Laundering Directive (AMLD 5), has been pivotal in filling in the gaps in the AML regulatory framework. The directive tackles a range of issues, including the regulation of cryptocurrencies and associated service providers, extending the scope of scenarios where enhanced due diligence is required, etc. However, the most notable change legislated for in the new directive is the establishment of an Ultimate Beneficial Owners' Register in all member states of the EU.

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