ARTICLE · 30 MAY 2018

AML Update: MLD5 (Which Will Amend The MLD4 Rules On Beneficial Ownership) Has Been Agreed

Arthur Cox

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The Fifth Money Laundering Directive, which will, among other matters, amend the rules on the beneficial ownership of corporates and trusts introduced by the Fourth Money Laundering Directive...

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The Fifth Money Laundering Directive (MLD5), which will, among other matters, amend the rules on the beneficial ownership of corporates and trusts introduced by the Fourth Money Laundering Directive (MLD4) has been agreed at European level. It is expected to be published in the Official Journal shortly. This Briefing summarises its key provisions.

NEW OBLIGED ENTITIES

Custodian wallet providers and virtual currency exchange platforms have been brought into scope, and will be required to conduct customer due diligence.

FINANCIAL INTELLIGENCE UNITS (FIUs)

FIUs will have wider powers to request, obtain and use information from any obliged entity for the purpose of preventing, detecting and effectively combating money laundering and terrorist financing.

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