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ARTICLE · 24 MAY 2018

EU Fifth Money Laundering Directive Adopted

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On May 14, 2018, the Council of the European Union adopted the EU's Fifth Money Laundering Directive, following the agreement reached between the European Parliament and the Council in December 2017.

European UnionGovernment, Public Sector
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On May 14, 2018, the Council of the European Union adopted the EU's Fifth Money Laundering Directive, following the agreement reached between the European Parliament and the Council in December 2017. 5MLD will amend the existing EU Money Laundering Directive. The key changes are:

  1. Extending the scope of "obliged entities" to include providers of exchange services between virtual and fiat currencies as well as custodian wallet providers. These entities will need to register in their home Member State.
  2. Harmonizing the application of enhanced customer due diligence for third countries that are determined by the European Commission to be high risk countries. Member States will be able to apply additional measures, where appropriate.

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