July 3, 2020

How do the 5AMLD changes affect you?

It is important to note that the 5AMLD has not changed the clauses on penalties for breaches, rather, the scope of the regulation has expanded.

# Insights

Beneficial Ownership

Trust, Transparency and Legitimate Access.

Virtual Currencies

Anonymous safe deposit will also no longer be permitted.

Enhanced Due Diligence for High-Risk Third Countries

Mandatory due diligence with High-Risk countries covering funding sources, background checks and beneficial ownership.

Broader coverage includes Artwork Trade.

Prepaid Cards

Lower ceiling for e-money and prepaid cards i.e. €250 to €150.

Broader information sharing

Greater harmonisation and support of organisations to regulate relationships with High-Risk countries. 

Data Zoo makes it easy to onboard and verify customers quickly

Get in touch and let us know how we can help